DDH1 Drilling will this week launch a non-deal roadshow for its initial public offering as companies planning to float once again ramp up their listing campaigns.
The business is backed by private equity firm Oaktree Capital Management and is working with Macquarie Capital and UBS.
Early estimates are that the business is worth about $400m, while sources close to the company say it is worth about $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 a number of key, well-capitalised repeat clients.
The expectation had been that DDH1 would run a dual track process and also test interest for a sale as well as a listing, but now it is understood to be focused on an IPO.
Elsewhere, analysts at Morgan Stanley have placed a value on the workforce software business Damstra of between $128 million to $205 million including debt.
It comes as the company gets ready to float on the Australian Securities Exchange.
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.
Add your comment to this story
Ramsay Health Care sticks to core business as key priority
The country’s largest private hospital operator is playing it cool when it comes to the sale process of rival Healthscope.
Zip takes buyout talks off the table amid US highs
The non-bank lender and buy now, pay later services provider says the US market is evolving but remains resilient.
To join the conversation, please log in. Don't have an account? Register
Join the conversation, you are commenting as Logout