The initial public offering will open April 12, with the employee and general public offers closing on April 22 and the other offers winding up on April 29, while shares are scheduled to be allotted on May 4.

With a fully subscribed float, Mastermyne will have 72.9 million shares on issue.

The company is forecasting 11c per share cash earnings for this financial year and a dividend of 1.2c per share.

Mastermyne’s main line of business is providing services to the longwall sector, especially in Queensland.

The company has an umbrella contract of services for Anglo’s Moranbah North mine and contracts for drift construction, inseam and panel development at Rio Tinto’s Kestrel mine extension project, while it also holds the main development services contract at the mine for stone drivage.

At BHP Billiton Mitsubishi Alliance’s Crinum East operation, Mastermyne has contracts for ventilation services as well as maingate conveyor installation and recovery.

At Vale’s Carborough Downs, Mastermyne holds the contract to remove, relocate, retract, install and extend the conveyors.

In New South Wales, Mastermyne undertakes development works at BHP Billiton’s Dendrobium longwall mine and outbye services at its West Cliff operation.

The underground services division of Mastermyne is expected to generate about $119.9 million of revenue for the 2010-11 financial year.

Over the past couple of years, a string of acquisitions has helped fuel Mastermyne’s growth.

In 2008 the company acquired Wollongong-based contractor PYD Mining Services and in the following year acquired the ventilation operations of Highlands Mining.

More recently MTR Mining Services was acquired, providing an entry point to the underground coal services market in the Hunter Valley.

Mastermyne’s underground equipment fleet contains three continuous miners, one Waracar, one Ram car (diesel-powered), nine personnel carriers, 17 underground loaders, five underground drill rigs, five Jiffy conveyor drives and one directional drill rig.

As part of the prospectus unveiled at the end of March, Wood Mackenzie said it saw more opportunities for contractors on the back of proposed or under-construction mining projects.

“Indeed with many of the mines being developed by smaller mining companies, or by the larger companies who seek to outsource mining, there may be the opportunity for higher levels of contractor usage, and potentially contractors running full operations,” the consultancy said.

Mastermyne chairman Peter Slaughter said the company’s operating profits had grown consistently over the last 10 financial years, even during the global financial crisis.

“Successful companies value their people, focus on the business they know best and aspire to industry benchmark performance to generate good returns for their owners,” he said.

“Mastermyne Group Limited has demonstrated that it can do this as a privately held entity, and my fellow directors and I expect it to continue to do so as an ASX-listed company.”