Victoria-based civil construction and equipment hire company Symal is moving forward with an initial public offering, raising $136m.
The share price will be $1.85 and equates to four times its annual earnings before interest, tax, depreciation and amortisation.
The deal is seen around the market as reasonably priced and Symal comes with a strong reputation in the construction industry, providing sub-contracting services for a number of big-name builders.
The company will list with a $437m market value on November 21.
Symal is run by founder and group managing director Joe Bartolo.
Also listing this year is payments company Cuscal through Bank of America, Bell Potter and Ord Minnett.
Cuscal recently locked in cornerstone investors and priced its IPO at a $479.1m market value, with shares to be sold at $2.50 each and a raising of $336.8m.
The price equates to 7.7 times its EBITDA for the 2025 financial year and a dividend yield of 3.7 per cent.
Cuscal’s owners include Bendigo and Adelaide Bank, MasterCard and other mutual banks.
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