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TEK-Ocean Group makes ASX debut
Gadens has advised TEK-Ocean on its $6.6 million IPO and successful listing on the ASX.
Emma Musgrave
Firm: Gadens (TEK-Ocean).
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Deal: TEK-Ocean has completed an IPO and listed on the ASX.
Value: $6.6 million IPO, with a $19.1 million market capitalisation on listing.
Area: Corporate.
Key players: The Gadens team was led by corporate partner Michael Kenny who worked with senior associate Gary Lim and associate Brittany Kluske.
Deal significance: TEK-Ocean Group is an energy services company founded in 2007.
The Melbourne-headquartered group provides an integrated service offering to its clients in the oil and gas, marine and renewable energy sectors, both on and offshore, a statement from Gadens confirmed, noting that "the proceeds from the IPO will be used to fund capital improvements to its vessel and investment in subsea capital equipment, plus repay some of its debt facilities".
Commenting on the transaction, partner Michael Kenny said: "Gadens have worked with TEK-Ocean throughout the uncertainty brought about by the COVID-19 pandemic. It is excellent to see their journey continuing with them undertaking an IPO and a successful listing on the ASX".
