Perth-based GenusPlus taps two brokers for $150m IPOOct 4, 2020...

Perth-based GenusPlus taps two brokers for $150m IPO

Oct 4, 2020 – 9.32pm

One of the country's biggest powerline and power substation construction and maintenance businesses is poised to hit the ASX boards, after bulking up with a slew of acquisitions in the past two years.

Powerline and power substation construction and maintenance businesses Genus Plus is preparing to list on the ASX.

Street Talk understands Perth-based GenusPlus – which counts the likes of BHP, Rio Tinto, Telstra and Optus as clients – has tapped Ashanti Capital and Bell Potter for a $150 million float, expected in the first quarter of 2021.Sources said while the deal was still a few months away, the company was tipped to raise somewhere between $40 million and $50 million for its initial public offering.

Officially formed in 2017, it is understood GenusPlus has grown its revenue from nothing to around $300 million in three years. The company helps its clients build and maintain their powerline infrastructure, substations and transmission towers.Prior to forming GenusPlus, the David Riches-founded business was known as Powerlines Plus, and offered powerline construction and maintenance services in remote parts of the country.

GenusPlus was created three years ago when Powerlines Plus acquired Complete Cabling and also established another division named Proton Power, which provides engineering services for high voltage power cables.The company has made five more acquisitions since then, including national electrical contractor EC&M late last year. Riches still runs the business alongside his brother Matt and is supported by a board that includes ex-Macmahon and Ausdrill chief financial officer Jose Martins and former chief executive of Southern Cross Electrical Engineers and AusGroup Simon High. GenusPlus' operations are focused on the Western Australian market, however it is understood while listing preparations are ticking over in the background the company is also plotting its expansion into New South Wales and Victoria.