Street Talk

MMA Offshore peer starts IPO preparations, hires broker

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 4, 2024 – 2.31pm

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A rising tide lifts all boats, and it appears things are no different in the maritime services industry. MMA Offshore is firmly a market darling, with its share price almost doubling over the last year. Now an unlisted competitor is riding the same industry tailwinds and preparing to use this momentum to hit the ASX.

Street Talk can reveal Bhagwan Marine’s majority shareholders, Loui and Kerren Kannikoski, have hired Euroz Hartleys to oversee preparations for an initial public offering of about $100 million before June 30. If successful, Perth-headquartered Bhagwan would list with a market capitalisation of as much as $250 million.

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

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

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