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Truckie who left school at 14 strikes success with ASX listing

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Murray Leahy, who left school at 14, did a boilermaker apprenticeship then started driving trucks, is celebrating a successful float of his company MLG Oz on the Australian Stock Exchange (ASX) this week.

Leahy’s Kalgoorlie-based operation listed with a market capitalisation of $145.7 million at the Initial Public Offering (IPO) issue price of a dollar per share.

The business provides integrated services across gold, iron ore and other base metal clients throughout Western Australia and the Northern Territory.

As for the fleet, that’s pretty impressive too. There are approximately 130 trucks, a mixture of Macks and Kenworths branded in MLG Oz’s signature blue and white, and 500 or so trailers – mostly running as triples and quads. Bruce Rock Engineering is the manufacturer of choice for on-road trailers, including the B-quins, while Mick Murray Trailers is the go-to for the company’s off-road needs.

New shareholders reportedly invested $70.7 million through the IPO from a combination of the issue of new shares to raise $50 million and a partial founder sell down of $20.7 million.

Bell Potter Securities and Morgans Corporate were joint lead managers to the IPO. Ashanti Capital was co-manager to the IPO and Sternship advisers acted as financial advisor.

“We are excited about becoming a listed company and the opportunities it creates to further grow the business,” said Leahy, MLG Oz founder, Managing Director and majority shareholder.

“We welcome all of our new shareholders and thank them for the level of interest and support.

“This is an exciting time for the company and its shareholders.

“Our employees and clients have helped us grow the business successfully for over 20 years.

“As the only shareholder until this point, I am pleased to have new shareholders join me in expanding the business and am excited about the opportunities in front of us.

“The additional capital raised through the IPO will initially be used to reduce the company’s debt and support the working capital needs associated with ongoing growth.

“This will provide us with the capability to continue to obtain new equipment and expand our operations to support our clients and develop new client relationships.

“We are a long term relationship business which prides itself on delivery for our clients and having the capacity to support them will help position us well for the future.”

The company has also forecast FY2021 revenue of $241.6 million and pro forma EBITDA of $41 million to 30 June 2021, subject to market conditions and material risks as outlined in its IPO Prospectus.

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