Cement-maker Wagners has had a rock-solid debut on the ASX with its shares soaring by more than 25 per cent.
Wagners, founded by Henry Wagner and his sons Denis, John, Neill, and Joe in Queensland 28 years ago, opened trading at $3.31 on Friday - well up on its $2.71 issue price.
The Toowoomba based company closed 69 cents, or 25.5 per cent, higher at $3.40 on Friday, giving the new listing a market value of $549 million.
The Wagner brothers between them control 55 per cent of the company while two, are on the board: Denis as non-executive chairman and John as non-executive director.
The Wagners have made the BRW 200 Rich List several times, most recently in 2015 where they ranked 14th on the rich families list with an estimated net worth of $955 million.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The prominent Queensland family is currently suing radio broadcaster Alan Jones over allegedly defamatory comments relating to a quarry owned by the Wagners and the 2011 Lockyer Valley floods, with a trial set to start in April next year.
Proceeds from listing of Wagners on the ASX will go towards paying down debt and funding growth opportunities, including in new product development, the expansion of its share of the concrete market and possibly future acquisitions.
The company is the largest independent cement manufacturer and supplier in south-east Queensland, supplying about one third of the market's cement.
It currently has 450 customers, including major domestic and international building materials, construction and mining companies.
