State Gas Limited IPO
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McCullough Robertson advised State Gas Limited (ASX: GAS) on its $5.25 million IPO. State Gas is a Brisbane-based company which operates and holds a 60 percent interest in a proven conventional gas field in the Denison Trough in Central Queensland, approximately 545 km northwest of Brisbane.
The IPO was highly successful, closing oversubscribed, and shares in the company surged 75 per cent upon its listing. The listing represented the first IPO of an East coast gas developer-explorer since Pure Energy Resources in 2006.
A national gas shortage will mean fuel from State Gas’ conventional gas field will be in demand in coming years.