GR Engineering for $150 million IPO

GR Engineering Services is set to carry out Western Australia’s largest float this year.

The engineering firm is readying itself to launch its prospectus which could value the company at $150 million, according to The West.

GR is aiming to raise $30 million by issuing 30 million shares at a $1 a piece.

The float will allow the company to expand geographically into "new high growth regions and mineral commodity markets.”

The announcement of this float comes on the back of a strategic alliance with the South African MDM Engineering Group.

GR has revenue guidance of $138.3 million and net profit of $18.8 million for FY 10/11.

The offer is set to close on 11 April.

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