Fifteen million shares in Matrix Composites & Engineering Limited are being offered to the public at a price of $1.00 per share. The offer is due to close on November 6 with shares expected to begin trading on the Australian Stock Exchange on November 17.
Matrix is a Western Australian based company. It manufactures and supplies engineering equipment to the oil and gas, mining and mineral processing industries among others. The company will have 64 million shares issued after the IPO giving a market capitalisation of $64 million at the issue price of $1.00.
The proceeds of the offer are to be ploughed into the expansion of the business. This is in contrast to the Myer and Kathmandu floats in which the current owners are selling out.
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