Jersey-based pipeline couplings company SRJ Technologies has seen a 60% increase in its share price after the company launched on the Australian Securities Exchange (ASX) this week.
The ASX debut, with the stock opening at 50 cents per share, followed an initial public offering that raised A$8m (approx £4.5m) to fund development of the business.
SRJ Chief Executive Officer Alex Wood (pictured) commented: “Despite the challenges of 2020, with the global Covid-19 crisis and its impact on the oil and gas sector, there has been very strong interest in the company’s value proposition.
“Our stock performance today allows us to give a good return to all Jersey-based investors who helped us launch the company.”
SRJ provides specialist engineering services with a range of innovative weld-free containment management solutions for pipeline repairs and maintenance.
The IPO was supported by a mix of institutional and retail interest headlined by former motorsport champions Mick Doohan and Eddie Jordan. Mitsui & Co (Australia), a subsidiary of Japan’s Mitsui & Co, also joined the SRJ share register.
SRJ and Mitsui & Co Steel are exploring opportunities to access Mitsui’s infrastructure portfolio across energy, chemical, mining, mineral process and metals projects.
Mitsui General Manager, Steel Division, Tak Ogawa said: “After a thorough due diligence period, we look forward to progressing this relationship with the SRJ team.”