As activity starts to ramp up again after reporting season for initial public offerings, DDH1 Drilling appears to be one of the first cabs off the rank, as it this week launches a non-deal roadshow.
The business is owned by private equity firm Oaktree Capital Management and founders Murray Pollock and Matt Thurston, who are working with Macquarie Capital and UBS on the IPO.
Early estimates around the market are that the business is worth about $400m, although sources close to the company say it could be worth closer to $500m.
DDH1 is Australia’s largest diamond-core drilling contractor, serving the Australian hard rock minerals industry. It promotes itself as having the newest and most standardised drilling fleet in Australia.
Its diversified customer portfolio includes well-capitalised repeat clients.
While the expectation has been that DDH1 will run a dual track process, testing interest for a sale as well as a listing, it is understood the group will explore an IPO only with the owners selling down less that half of the business.
The other company moving forward on its listing plans is Damstra, working with investment bank Morgan Stanley on an IPO.
The investment bank has placed a value on the workforce software business of between $128m and $205m including debt.
The company describes itself as a global leader in workforce management software, compliance and safety management with extensive experience in designing and deploying workforce systems across a vast array of industries.
Incitec fertiliser unit back in BGH’s crosshairs
As BGH Capital continues to eye up acquisition opportunities, one of the more interesting targets it has turned its attention back to is understood to be the fertiliser unit of Incitec Pivot.
Commonwealth Super to offload $2bn data centres stake
Expectations are mounting that Commonwealth Super will end up selling its $2bn-plus stake in the CDC Data Centres business to one of its existing owners, Infratil or the Future Fund.