Shriro is set to be publicly listed on the Australian Securities Exchange (ASX) on 23 June 2015 after its successful initial public offering (IPO) closed early and over-subscribed.
Shriro, advised by Wilson HTM Corporate Finance and ANZ Securities, spent the last two weeks meeting with Australian fund managers. According to a statement released by the company today, during the two week roadshow applications were received for $200 million worth of stock but the company, which will have capitalisation of more than $100 million, will stay with its intended raising of $50 million.
Shriro Holdings Limited will issue of 50.5 million new shares at $1 per share. The $50.5 million raising equates to 53 per cent of the issued capital of the company, which expects to list its shares next month.
![The Shriro showroom is home to Omega, Blanco, Everdure and, later this year, the new Neil Perry Kitchen by Omega label.](https://www.applianceretailer.com.au/wp-content/uploads/IMG_5095-508x233.jpg)
The company’s quick expansion, driven by strong housing approvals and a strong renovation market, is behind its decision to go public.
Shriro’s Net Profit after Tax (NPAT) is forecast to grow from $8.9 million to $10.0 million in the 2015 financial year on revenue of $187 million, up from $177 million.
Shriro’s company-owned brands — Omega, Robinhood, Everdure and Omega Altise — now contribute 45 per cent of the company’s revenue. Its product range cover ovens, rangehoods, dishwashers, microwaves and cooktops. Shriro also distributes third party owned brands Casio, Blanco and Pioneer.