Tasmea Admitted To ASX Following A$59 Million Capital Raise

Tasmea Ltd (ASX: TEA) has secured funding for continued growth following the completion of an initial public offer (IPO) and share sale raising a total of A$59 million.

The company was admitted to the ASX on Wednesday, 24 April and will start trading on Monday, 29 April.

Diversified blue-chip customer base

Tasmea provides skilled trade services through a 1,400+ strong workforce across its four specialised service areas – electrical, mechanical, civil and water & fluid.

The company has a diversified blue-chip customer base operating across the mining and resources, oil and gas, power and renewables, and other industries.

Strong growth in profit

In FY23, Tasmea recorded a revenue of A$368 million and is forecast to generate a revenue of A$435 million for FY24.

This revenue growth is forecast to deliver net profit after tax of A$34 million for FY24, an increase of 21% from the FY23 net profit after tax of A$28 million.

Focused on remote regions

The company is focused on Australia’s remote regions where the majority of its customers are located.

It provides essential shutdown, programmed maintenance, emergency breakdown and other services for asset owners.

During FY23, Tasmea generated over 90% of its revenue from repeat customers.

Capital raise details

Tasmea’s A$59 million capital raise comprised of:

  • Initial public offer of 21.2 million shares raising proceeds of A$33 million; and
  • sale of 16.7 million shares by existing shareholders raising proceeds of A$26 million.

Importantly, this provides Tasmea funding and financial flexibility to pursue its future growth strategy and opportunities.

Post-listing, existing shareholders will continue to hold ~83% of the total shares on issue.



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