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Mincon to list shares in Dublin and London

Mincon to raise €50m in Dublin and London IPO
Mincon to raise €50m in Dublin and London IPO

Engineering company Mincon is planning to list its shares on the Irish Stock Exchange and the London Stock Exchange.

The Shannon-based rock drilling engineering company said it will raise funds and seek admission to the ESM market in Dublin and the AIM market in London.

Mincon reported revenues of €63.1m for 2012, up 53% on the previous year, while pre-tax profits rose  by 17% to €13.2m.

The company has over 500 customers in about 60 countries and 98% of its revenues are generated outside of Ireland.

A drill bit made by Mincon in Shannon broke through to the cavity where 33 Chilean miners were trapped for nearly three months in 2010.

Mincon's tool drilled a narrow 137mm hole through a half a mile of rock to establish communication with the men and provide them with food, water and medical supplies before they were rescued.

Its chief executive Kevin Barry said that admission to the ESM and AIM and the proceeds raised will place Mincon in an excellent position to take the company to the "next level".

"It will provide us with the platform to continue to grow our business by organic means and also give us the financial firepower to support our acquisition plans," he added.

The group intends to raise €50m through the issue of new ordinary shares. It said it will use the net proceeds from the fundraising for acquisitions in the short to medium term. The company has already identified a pipeline of acquisition targets, a statement said.

Mincon makes a range of rock-drilling hammers and bits for a variety of industries including mining exploration, mining production, oil and gas drilling, water well drilling, geothermal drilling and seismic drilling.