Offshore support vessel owner and operator Bhagwan Marine has completed a rare shipping IPO in Australia.
It raised AUD 80m ($52.3m) from the sale of 126.9m shares at AUD 0.63 each, according to a regulatory filing.
Bhagwan said the proceeds will allow it to strengthen its balance sheet and pursue a “range of compelling growth opportunities”.
The company was founded in 2000 by the Kannikoski family in Geraldton, Western Australia, with a single vessel. Today, it has 100 vessels.
Euroz Hartleys was the sole lead manager and underwriter for the offer. KPMG acted as the investigating accountant, Azure Capital was corporate adviser and Clayton Utz was legal adviser.
Chief executive Loui Kannikoski described the IPO as “another exciting milestone in the company’s history”.
Chairman Anthony Wooles said: “Bhagwan is now entering an exciting new growth phase with the emergence of the oil and gas decommissioning sector, and the future development of the offshore wind energy sector.
“I am excited about the opportunities and potential for the company to expand into new industry segments.”
The company was awarded the contract last year by Chevron to remove nine offshore platforms from its Thevenard Island project, 22 km off the coast of Western Australia’s Pilbara region.
Headquartered in Perth, Bhagwan has facilities in the key locations of Dampier, Brisbane, Darwin and Melbourne, as well as other satellite offices around Australia.
“These strategically located operating facilities are in close proximity to a number of large ports and major projects, including proposed offshore wind areas,” the company said.
Bhagwan’s IPO comes days after Australia-listed rival MMA Offshore was taken private in an AUD 1.1bn takeover deal by private equity-backed Cyan Renewables.
