Marine manufacturing firm VEEM has raised $25 million from its initial public offering, with its stock expected to start trading on the ASX later this month.
Veem said the funds were raised at an offer price of 50 cents per share as well as the sale of 40 million shares by the company’s owners, and the issue of 10 million new shares.
“The ASX listing and capital raising will enable the company to capture growth immediately available to Veem’s proprietary gyrostabilisers for super yachts, luxury motor launches and offshore supply vessels, while maintaining the company’s competitive advantages in the production of marine propulsion equipment,” chairman Brad Miocevich said.
Established in 1968, Veem has become a world leader in the manufacture of marine propellers and gyrostabilisers, which are devices that limit the amount of roll in boats.
The company expects its gyrostabilisers will drive significant sales growth in the future, having garnered strong sales interest at the Monaco Yacht Show last week.
The IPO was managed by Euroz Securities, with Pitcher Partners is its corporate adviser, Steinenpres Paganin is its legal adviser and HLB Mann Judd is providing accounting and auditing services.
For more insight into Veem’s IPO, as well as a comprehensive wrap of the last quarter in corporate finance, look out for Monday’s print edition of Business News.