Tasmea makes ASX debut

Jandakot mining services company Tasmea has made its debut on the Australian Securities Exchange after raising $59 million through an initial public offering.

Tasmea started trading this morning after issuing shares at $1.56 each.

The listing comes after an initial public offering, which was oversubscribed at $59 million and placed Tasmea’s market capitalisation at $340 million.

Tasmea owns and operates 18 businesses in electrical, mechanical, civil and water industries.

The company's founder and managing director Stephen Young said Tasmea had a program to grow organically and would continue its growth through acquisitions.

“Our demonstrated track record of growth is embedded in our focus on specialist maintenance and outstanding service,” he said.

“This approach allows us to generate high recurring revenue growth, low contracting risk, and predictable strong cashflows.”

Tasmea non-executive director and chair Giuseppe ‘Joe’ Totaro welcomed the company’s new shareholders.

“I would also like to make note and thank the work of our highly experienced, committed and motivated board and executive management team as well as the 1,400 skilled tradespersons and professionals who deliver services across our 18 businesses.”

Tasmea engaged Unified Capital Partners and Morgans as joint lead managers and underwriters.

Shaw and Partners was the underwriter and Equity Advisory served as corporate advisor while Thomson Geer acted as legal adviser.

The company’s shares were trading at $1.70 each, up about 9 per cent, as of 4.10pm AEST.