Mincon: Irish firm that helped free Chilean miners to float on stock exchange
A Shannon-based drill parts manufacturer whose products were used to reach the trapped Chilean miners in 2010 will float on the Irish Stock Exchange and AIM index in London
Mincon Group will list on the Enterprise Securities Market (ESM) in Ireland and is looking to raise €50m to fund potential acquisitions to "propel the Group to the next stage."
Mincon was founded by Patrick and Mary Purcell in 1977. Patrick remains a non-executive director of the firm.
The company manufactures and supplies a wide range of hard-rock drill bits and hammers for a range of industries, including mining.
It has manufacturing facilities in Ireland, the US and Australia, with international sales and distribution facilities in six locations and a further facility due to open in Peru next year.
Chief executive Kevin Barry said: "Our objective over the next two years is to double our business. We will do this through a combination of organic growth and through acquisitions.
"The category of companies we have in mind for acquisitions would be companies within the drilling consumables business. There is a pipeline of companies which we would intend pursuing, post this IPO (Initial Public Offering)."
The offering launches on November 22 with stockbrokers Davy as adviser, as well as an ESM adviser and broker.
Mincon made a profit before tax of €13.2m in 2012, up 17pc on 2011. Revenue last year hit €63.1m, up 53pc on 2011.
Mr Barry said Mincon is Irish and loyal to Ireland, when asked why it was listing in Dublin and London. He also cited ability to sell in the euro market.
"Ireland is in the eurozone and we want our shares to appeal to eurozone funds as well," he said.