VEEM makes solid ASX debut

Marine-focused engineering business VEEM has enjoyed a solid debut on the ASX today, with shares closing 20 per cent higher on its initial public offering price.

Canning Vale-based Veem raised $25 million from its IPO, which was priced at 50 cents per share, with a large portion of that going to the Miocevich family that founded the business in 1968.

At the close of trade today, Veem shares were worth 60 cents each.

The company manufactures bespoke marine propellers and gyrostabilisers, which are devices that limit the amount of rolling motion of vessels.

“Veem first and foremost has been a family business and that will remain for quite some time,” chairman Brad Miocevich told Business News.

“Our staff and our people all have that family culture. Many of them have been here since our father was involved as apprentices, and certainly the entire time in our adult life that we’ve been involved with the business.

“It’s a proud moment for me and my family to see Veem listed on the ASX, and to allow new investors to join with us as we continue to grow the business.”

Managing director Mark Miocevich said the ability to see the company grow, become an asset for the state and listed on the ASX was a terrific outcome for a company that his family spent generations developing.