The listing of Walter Diversified Services will include the company’s underground coal mining contracting services Walter Mining, as well as its pipeline construction and maintenance services Diversified Construction Corporation.
Walter Diversified offered 43.1 million shares under the offer at $A1.50 each via the IPO. The company expects to make $65 million of gross proceeds from the offer with $60.1 million allocated to purchasing shares from existing shareholders and $3.1 million to fund two acquisitions currently being finalised.
In its prospectus, Walter Diversified chairman Jim McDonald said the company expects to grow operations significantly in the 2007 financial year with revenue forecast at $214 million.
Walter will begin trading on the Australian Stock Exchange on Thursday, December 7.
