Carbon Revolution, the Australian manufacturer of carbon fibre wheels for the global automotive market, has listed on the Australian Stock Exchange (ASX).
The initial market capitalisation of the company was listed at $331.1 million.
Through an IPO, the company has raised $90.1m, through a primary raise of $30 million and a secondary sell-down of $60.1m.
The company’s public offering will be used to expand the capabilities of the business, outlined CEO, Jake Dingle.
“The additional capital from the IPO will be invested in industrialisation and scaling the manufacturing process to reduce unit costs and increase production capacity,” said Dingle.
The listing follows the company’s announcement that it will enter the SUV market, through partnering with a new OEM. Currently, Carbon Revolution supplies to brands including Ferrari and Ford, as well as customers in the motorsport, aerospace, and industrial sectors.
“Carbon Revolution is the only company globally to have successfully developed and manufactured single piece carbon fibre automotive wheels to OEM quality standards with commercial adoption across several major OEM models. This public offering will assist with the next stage in expanding our business,” said Dingle.
The Geelong-based company, which began as a start-up and partnered with local institution Deakin University, continues its upwards trajectory, highlighted Dingle.
“This is an exciting time for our company, our staff, and our investors many of whom have been with us for years as we have grown from a small engineering start-up to a world leader in our field.”