Zenith styles itself as a market leading independent power producer based on its operations in Western Australia and Queensland, and its story has attracted interest from a range of Australian institutional investors, which piled into the new IPO.

 

Zenith has scaled back applications on a pro-rata basis, and issued 50 million shares. 

 

Zenith was founded by Doug Walker and Gavin Great in 2006 with the mission to deliver reliable and cost effective power generation solutions, primarily to resources and energy sector clients with remote operations. 

 

It now offers design, construction and management of power generation facilities using a range of fuel types including diesel, natural gas, solar. 

 

The company has 10 contracts in place with a range of major mining and energy companies such as Chevron Corporation, Independence Group, Northern Star Resources, Incitec Pivot, Silver Lake Resources and Ok Tedi Mining in Papua New Guinea. 

 

Total owned and installed generative capacity is approximately 88MW, with an additional 238MW of operated capacity, for a total capacity of in excess of 350MW.

 

Funds raised via the IPO will be used to fund the next stage of Zenith's growth which will involve leveraging opportunities to expand operations within the existing client base, capturing new projects both domestically and regionally, as well as assessing various grid power supply opportunities. 

 

"Listing on the ASX represents the natural next step for Zenith. The funds raised will provide us with the capital and financial flexibility to pursue growth opportunities in an exciting market place, and I am delighted with the interest the IPO has generated," Walker said.

 

Trading in Zenith stock opened at 60 cents yesterday morning before settling back to 55c at noon, valuing the company at $43.2 million.