I'm interested, albeit still a bit cautious. May still have a...

I'm interested, albeit still a bit cautious. May still have a small nibble, but my thoughts are as follows.

They tried to raise late last year in October - for $30m, including a $4m selldown among existing holders - at the same valuation of $52m or so. The listing was pulled on account of market conditions, which had just started to deteriorate at the time - probably a great call in hindsight.

So this time they're raising $20m - with no selldown, and what appears to be a majority if not all major holders in voluntary escrow - for the same market cap. Technically one might argue that means it's actually been priced higher (on an EV basis), albeit in that time it looks like the business has continued to perform well, including integrations. On numerous metrics they're kicking goals, so to speak.

That said, roll-up businesses always have a bit of risk, and they are targeting ACT and regional NSW/VIC areas. For me, and perhaps I need to read the prospectus more thoroughly, but it begs the question - once they secure their pipeline of projects, just how much more will they be able to leverage growth from lower population areas? Metro areas doesn't really appear to be on their radar, what with established big names and the like.

Anyways, corporate structure looks tight on account of it being a family business. Underwritten as well. Anyone ever stepped foot inside their facilities? Are there some comparables already listed?