The successful Australian Securities Exchange (ASX) debut, with the stock opening at 50 cents per share, followed an Initial Public Offering (IPO) that raised AU$8million (approx. £4.5m) to fund further development of the business.
The IPO was headlined by a strategic participation and investment from Mitsui & Co (Australia) Ltd, a subsidiary of one of Japan’s largest global corporations.
SRJ Chief Executive Officer Alex Wood said the response from the financial markets and investors was extremely pleasing. “The results of today’s trading affirms our strategic direction,” Mr Wood said.
“Despite the challenges of 2020, with the global COVID-19 crisis and its impact on the oil and gas sector, there has been very strong interest in the Company’s value proposition. Our stock performance today allows us to give a good return to all Jersey based investors who helped us launch the Company, which we believe is a fantastic advertisement for the supportive and innovative culture in the Island.”
The IPO was supported by a mix of institutional and retail interest that was headlined by former motorsport champions Mick Doohan and Eddie Jordan.
Mitsui & Co. (Australia) Ltd, a subsidiary of Japan’s Mitsui & Co. Ltd, also joined the SRJ share register. The listed business has a market capitalisation of approximately US$30 billion and total assets in excess of US$100 billion across its global network.
SRJ and Mitsui steel are now exploring opportunities to access Mitsui’s significant infrastructure portfolio across energy, chemical, mining, mineral process and metals projects; with a global network covering 66 countries and regions.
Alex Wood said SRJ was excited to be working with the corporate giant, ‘The scope of Mitsui’s global operations cannot be understated,’ he said. “There are many synergies in the industry sectors, geographies and philosophies of how we operate and the mutual benefits of working together are significant.”
Mitsui General Manager – Steel Division, Tak Ogawa said: “After a thorough due diligence period, we now look forward to progressing this relationship with the SRJ team.”