Calix targets ASX listing, Thorney among early stage investors News12 Jun 2018

Street Talk understands Calix will begin a non-deal roadshow on Tuesday as it moves to drum up support for an IPO, which will value the company at $65 million.

 

Shaw and Partners and Foster Stockbroking are joint lead managers on the mooted float.

 

The march towards the ASX comes after a pre-IPO raising in February, which brought Alex Waislitz's Thorney Technologies onto the register.

 

Thorney joins Washington H Soul Pattinson (WHSP), which has a long-held 10 per cent stake, and New York hedge fund Och-Ziff Capital Management, which converted a note into equity to become the company's biggest shareholder in 2014.

 

Acorn Capital is also on the register. Sources told Street Talk Acorn and WHSP have committed to the IPO and will be substantial holders following the issue of new shares. Calix plans to raise $8 million to fund its expansion. Existing shareholders are not using the event to sell down their stakes.

 

Fund managers will be told of the broad application for the company's technology, which it claims is neutralising sulphuric acid in 90 per cent of Sydney's wastewater pipes. It not only stops concrete corrosion but the production of smelly gas. Wastewater treatment is a $37.6 billion market globally, while corrosion protection is worth $25 billion. Calix is also targeting the crop protection industry and the potential to extend the life of lithium-ion batteries.

 

The company is cash flow positive including contributions from rebates and project specific grants. Calix posted a $2.2 million loss in fiscal 2017 after taking hefty depreciation and impairment expenses.

 

Source: AFR, 12 June 2018 http://www.afr.com/street-talk/calix-targets-asx-listing-thorney-among-early-stage-investors-20180610-h117jd

 

 

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