Just 12,000-odd shares were traded in the first few hours of trade following a limited A$11.7 million initial public offer, with the stock trading between $4-4.10 during the session.

 

The global engineering project delivery and operations management group's shares closed up 1.2% at $4.

 

The raising was priced at $3.95. 

 

The stock is tightly held, with the top 20 shareholders owning 76%.

 

Managing director Andrew Naude told MNN the raising was not about raising capital, but about commitments to various stakeholders, including vendors and businesses that it has acquired, and a commitment to the South African reserve bank.

 

"Listing has been part of our strategy for some time. There were various reasons for listing including raising our profile internationally and giving us a platform for future growth," he said.

 

Naude said DRA offered a "well-differentiated offering compared to other businesses in Australia, specifically in respect of our operations management capabilities in addition to our project development and project delivery capabilities".

 

"This spread of services along with the global reach of our 20 offices as well as our size and scale makes us a logical choice to be preferred partner to industry."

 

DRA saw the ASX and JSE as important platforms for future growth

 

It started life with some good news, with the company claiming over A$600 million in new project and operations work secured in the first half of 2021, including an engineering and design contract for debottlenecking at BHP's Nickel West refinery in Western Australia.

 

While most of DRA's work is in bulk commodities, it is watching developments in the rare earths space, and it has some potential work in its pipeline.

 

The company said year-to-date trading was in line with expectations, with $1.2 billion in projected revenue and some $51.6 million in forecast earnings expected this year, and industry-wide tailwinds improving its outlook.

 

It will release its first half results in August.