Perth-based Bhagwan Marine is forecasting $264.8 million in revenue and $38.8 million EBITDA for the 2024 financial year, as it tries to wedge itself into the MMA Offshore-sized hole on the ASX after the latter agreed to a $1 billion take-private by Asia’s Cyan Renewables.
Bhagwan Marine’s fleet of 70 owned vessels has a $105 million book value, according to the IPO pitch.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
