With Baker Young Corporate Advisory as Lead Manager for the IPO, electrical manufacturing business Mayfield Group Investments completed the back-door listing with the reverse takeover of ASX-listed Stream Group on 25 November.
The new entity, known as Mayfield Group Holdings (MYG), listed at an initial public offering (IPO) price of $0.36, and by the close of business the following day the share price had risen to $0.60 with a market cap of $50.84 million.
While the IPO only set out to and successfully raised $1.2 million, Mayfield CEO and managing director Jon Hobbs said the listing would enable a significant growth phase to begin.
“We have a growth mindset and certainly we have targets but the first step for us was to list and be able to access equity markets,” he told InDaily.
“I would call us a conservative company with high aspirations, so for us, it was about achieving a public listing, doing this very responsibly and with good governance, and then preparing ourselves to take the next strategic step when we would come back to the market.
“We are pleased that the market sees the value in our business purpose and in the trends we see in the market, but equally as a board we are focused on generating long-term value for shareholders.”
Read the full article from InDaily online here.
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