Mader Group has completed its first day of trading on the ASX, after completing a $50 million initial public offer (IPO).
The company offered 50 million shares at a dollar each, valuing the company at $200 million upon listing
By the close of trade October 1, Mader shares were worth $1.14 each, with a new company value of $228 million.
Mader is Australia’s largest independent maintenance labour service provider for heavy mobile equipment (HME)
The Western Australian-based company targets the gap in the market between HME mechanical services provided by relatively expensive original equipment manufacturer (OEM) mechanical services and small, less professional operators.
Mader hires over 1000 skilled in-house employees to provide a fast response at a lower rate than OEM services, with customers including BHP and Rio Tinto.
The company reported a net profit of $15 million during the last financial year with a growth rate of 6.7 per cent compared to last financial year.
Mader plans to continue its expansion in the United States. It also operates in Asia, Africa and South America.
The company was founded by former WesTrac diesel mechanic Luke Mader in the Kimberley in 2005. Mader owns 56 per cent of the company after the listing.