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Adelaide-based Tasmea, an engineering and trade services provider whose client book features the likes of BHP, is ready for its run at the ASX boards.
Street Talk understands Tasmea has mandated Shaw and Partners, Morgans and Unified Capital Partners as joint lead managers for an initial public offering of about $50 million. A prospectus is expected to be lodged before Easter, sources said.
Tasmea makes about half of its revenue in Western Australia and servicing iron ore miners.
Fund managers know the business well, following a pre-IPO round in October. Tasmea has 1300 employees providing engineering services for companies in resources, oil and gas, infrastructure in WA and SA. In addition to BHP, its client list includes Santos, Rio Tinto, OneSteel and Sydney Water.
Founder Stephen Young owns just under 50 per cent of the business.
The business is forecast to pull in $320 million revenue and $39.5 million in earnings before interest, tax, depreciation and amortisation in the year to June 30. It expects pro-forma revenue of $422.7 million and EBIT of $50.2 million this financial year.
Investors in the pre-IPO round were told to think of an enterprise valuation between $409.1 million to $434.4 million. That equates to 8.1-times to 9.8-times financial year 2024 estimated EBIT and 6.5-times to 7.7-times FY24 estimated EBITDA.
Morgans and UCP will underwrite the IPO, and act as bookrunners.
Tasmea’s preparing to ring the bell as MMA Offshore competitor, Bhagwan Marine, brings in Euroz Hartleys for a circa $100 million IPO. If successful, Perth-headquartered Bhagwan would list with a market capitalisation of as much as $250 million.
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