Engineering, contracting and project management services company Bateman Litwin NV today completed its $90 million IPO and offer for sale on London’s Alternative Investment Market (AIM). The company will be traded under the symbol BNLN.L. Credit Suisse was the sole bookrunner, and Bridgewell Securities and Poalim Capital Markets - Investment Bank Ltd. were the secondary underwriters.
Bateman Litwin held the IPO at ₤1.80 per share. The company issued 16.5 million new shares; parent company Bateman BV sold 9.6 million shares, and employees sold 440,000 shares under an offer for sale.
Bateman Litwin manages turnkey projects in the energy and chemicals industries. The company has carried out billions of dollars worth of projects in the 40 years since it was founded.
Bateman Litwin posted a net profit of $6.1 million on $115.2 million revenue in the second half of 2005. The company’s orders backlog was $650 million at the end of 2005. the company’s fiscal year runs from July 1 to June 30 of the following year.
Bateman Litwin CEO Shuki Raz said today, “The board is extremely pleased with the success of the IPO and is greatly encouraged by the support that Bateman Litwin has received from such a wide base of international investors. Being able to price within the previously announced range in a week which has seen stock markets fall and valuations of our listed comparables decline, demonstrates the belief which investors have in the Bateman Litwin equity story. We will use the net proceeds of approximately $50 million to fund the next phase of the company's growth."
Published by Globes [online], Israel business news - www.globes.co.il - on May 18, 2006
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