09 Jul Engineering group DRA Global lists on ASX and JSE
DRA Global has today listed on the Australian Securities Exchange (ASX) and Johannesburg Stock Exchange (JSE), following an A$11.7 million initial public offering (IPO).
DRA’s managing director and CEO Andrew Naudé said that the dual listing had been in the pipeline for some time and would enhance the global engineering group’s platform for continued growth.
“We are proud to reach this milestone, DRA’s listing on the ASX and the JSE is an important next step in our long-term growth plan,” he said.
“Over more than 35 years, DRA has developed a track record for delivering specialist services, across a wide range of commodities, to our high-quality global customer base. We will continue to work to establish DRA as a leading engineering, project delivery and operations management business.”
In its IPO prospectus, DRA is forecasting A$1.2 billion in project revenue, and $51.6 million in forecast earnings before interest and tax for the 2021 calendar year, subject to market conditions.
The company was recently awarded a debottlenecking project at BHP Nickel West’s Mt Keith operation, in Western Australia, for the provision of detailed engineering and design services to support the expansion of the crushing and grinding circuit at the nickel operation.