Water delivery system maker Zip Industries, majority-owned by Quadrant Private Equity, is considering an ASX float worth $500 million.
The Australian Financial Review first reported the news in August, and today reports that the company is mulling an ASX listing in the first half of next year.
Zip exports to more than 70 countries, and makes 90 per cent of its products at western Sydney’s Condell Park. It is 80 per cent owned by Quadrant, with the remainder held by the founding Crouch family.
“The company is a world leader in both product and technology. The HydroTap is the world’s most advanced drinking water appliance and is exported to more than 70 countries. This in itself should ensure sound growth in the future,” founder Michael Crouch told The AFR.
According to the article, the company has annual revenues of around $200 million, and has 135,000 taps installed in Australia. CEO John Doumani said growth in sales to offices had been steady, but had been especially strong in the residential sector.