Jersey-headquartered engineering products business SRJ Technologies has lodged a prospectus for its initial public offering, and expects to start trading on the Australian Securities Exchange in mid-September, according to a report in Financial Review.
The company, which makes a range of products to maintain pipelines, is looking to raise $8m at 50¢ a security, which implies a $60m market capitalisation on listing, according to the prospectus.
SRJ, which has offices in Jersey and Southampton, established its Australian operations in Perth in 2019.
In its early days, the firm was granted a £500,000 loan by the Jersey Innovation Fund (JIF) and, despite the controversy surrounding the JIF, SRJ paid back the loan in full by the end of 2019.
This week's announcement promises a new source of fundraising for the firm for research and development, sales and marketing.
It follows the recent appointment of Andrew Mitchell as an NED on its board. Andrew has served as a Consultant Cardiologist and, more recently, Chief Clinical Information Officer for the Government of Jersey for the past 14 years.
• To view the prospectus click here