Brierty Contractors Ltd has joined the rush of mining services and contracting groups planning to list on the Australian Securities Exchange with the launch this week of a $60 million initial public offering.
The company, founded in 1981 by the Brierty family, including current directors Alan and Kylie Brierty, will issue 60 million shares at $1 each and will have a market capitalisation of $110 million upon its listing.
The offer consists of 30 million new shares plus the sale of 30 million shares by the vendors, who will retain a 45.5 per cent stake in the company.
Brierty is forecasting revenue growth of 25 per cent this financial year to $199 million. It is expected to post earnings before interest and tax of $16.3 million and a net profit after tax of $5.2 million.
Brierty's move to become a public company follows the planned $58.8 million IPO by Southern Cross Electrical Engineering Ltd.
Brierty, based in Maddington, has worked on projects across Western Australia and employs 400 permanent personnel.
Prominent director Dalton Gooding has been appointed as the company's chairman, joining Mark Sutton, Malcolm Washbourne and Harvey Collins on the board.
Bell Potter Securities is the transaction's underwriter and corporate adviser. Ernst & Young serves as independent accountant, while Deacons act as solicitors to the offer.
Brierty has a long history working on civil and mining construction projects in WA.
The company initially focused on subdivisions and car parks and road works, which included developing car parks for America's Cup facilities for the then Department of Marine and Harbours in 1986.
Brierty also worked on the extension of the Perth Airport runway in 1996.
More recently the company's projects have been in the mining sector and in infrastructure.
The company has been contracted to construct part of Fortescue Metals Group's Pilbara railway and is working to complete stage three of BHP Billition's Ravensthorpe nickel project.
