ASX/Media Release - LogiCamms today made its debut on the Australian Securities Exchange.
LOGICAMMS LIMITED LISTS ON ASX TODAY
LogiCamms Limited (ASX: LCM) today made its debut on the Australian Securities Exchange.
The Company raised $10 million through an Initial Public Offering (IPO) of 10 million shares at an issue price of $1.00 each. Upon listing, LogiCamms has 28,631,009 shares on issue and a market capitalisation at the listing price of approximately $28.63 million.
LogiCamms comprises the merger of two well-established businesses, Logitech and Camms. The company designs, builds, installs, commissions and services electrical and control systems for major projects primarily for the resources, energy and utilities industries.
LogiCamms is forecasting a net profit after tax of $3.35 million on revenue of $34.46 million for the year ending 30 June 2008.
This equates to earnings per share of 11.7 cents and a price earnings multiple at the $1.00 issue price of 8.5 times.
LogiCamms will use the proceeds of the Offer to part fund the acquisition of Logitech and Camms, retire debt, to pay the costs of the offer and for working capital purposes.
Managing Director Adam Keats said LogiCamms was delighted with the strong investor support for the IPO, especially from the range of institutional investors and sophisticated retail investors who have become shareholders.
"The ASX listing will provide LogiCamms with the broader business benefits of increased visibility, transparency and credibility for our shareholders, and will allow the Company to fund future growth opportunities," said Mr Keats.
"LogiCamms plans to expand the services the Company provides to existing and new clients across Australia, whilst continuing to focus on core markets to drive growth, namely resources and energy and utilities."
"In the future the company intends to expand both its range of services and geographic presence," he said.
The IPO closed early and substantially oversubscribed on 30 November 2007.
Bell Potter Securities acted as lead manager ad underwriter to the Offer.
