Login
MAAS Group debuts on ASX in $529.9m IPO
Jones Day has advised on MAAS Group’s IPO and debut on the ASX.
Tony Zhang
Firm: Jones Day (MAAS Group Holdings).
Deal: Jones Day has advised construction materials company MAAS Group Holdings Limited (MAAS) in connection with its $529.9 million initial public offering on the Australian Securities Exchange (ASX).
Area: Capital markets.
Key players: The Jones Day team was led by partner Brett Heading and associate Ingrid Costello.
Deal significance: The initial public offering comprises a $145.6 million raising including the issue of 41 million new shares and the selldown of 31.8 million existing shares at an offer price of $2.00. Trading on the ASX will commence on 4 December 2020.
Maas Group was founded by a former NRL player, Wes Maas, a player who played for the Parramatta Eels and South Sydney Rabbitohs in the 1990s.
According to the prospectus, the company posted $221.8 million proforma revenue in fiscal 2020, and $64.7 million proforma earnings before interest, tax, depreciation, and amortisation (EBITDA).
Maas Group said the business remains on track with earnings to be second-half weighted in line with the growth in construction materials, civil and hire and property segments.
The company advised it has restructured its balance sheet, and has the liquidity to allow it to take advantage of opportunities as they present themselves.
Maas Group reported its construction materials business is on track, and production at its fixed plant quarries is in line with its budget. It expects to bring in an additional quarry in the second half.
MAAS is a leading independent Australian construction materials, equipment and services provider with diversified exposures across the civil, infrastructure, mining and real estate end markets.
