Waste disposal company Bingo Industries has made a flat start to trading on the Australian share market, following the biggest initial public offer of shares of the year so far.
Bingo shares were sold at $1.80 in the company's $439.5 million IPO, and opened at $1.82 when they began trading at 1330 AEST.
An hour later, the shares were trading at $1.79.
Bingo operates mostly in NSW, where it has nine waste and recycling centres, 158 collection vehicles and a bin manufacturing and supply operation.
It says it is a leader in building and demolition waste collection and processing in Sydney, and is expanding in the commercial and industrial sector.
The company undertook the share offer to allow its existing shareholders to realise the value of their holdings, to fund expansion, open up access to capital markets and pay down debt.
Under the ownership of the Tartak family, Bingo has grown rapidly in recent years, and has a market value of almost $630 million based on the $1.80 share price.
Chief executive Daniel Tartak says the company is starting a national expansion plan, with a focus on the eastern seaboard.
"We're primarily focusing on Melbourne and Victoria, but most definitely over the next few years we'll be hitting Queensland and other states of Australia," Mr Tartak said.
Bingo expects to enter the Melbourne market in the 2017/18 financial year.
It generated revenue of $143 million in 2015/16, and a net profit of $15 million.
Chairman Michael Coleman said in Bingo's prospectus that underlying sector trends in NSW and Australia are positive for the company, supported by strong population growth and investment in buildings and infrastructure.
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