McAleese Group Has Relaunched Its IPO Plans After Last Month's Fatal Petrol Tanker Crash

McAleese Group has re-launched its IPO after postponing the listing when one of the company’s petrol tankers was involved in a fatal crash in Mona Vale in October.

The Financial Review reports that the company will list as “MCS” on the ASX on December 2, and hopes to sell 113.1 million new shares at $1.47, giving McAleese a $421.8 million market capitalisation at the time of the float.

A term sheet sent to fund managers today said profits made by the listing would be used to pay off bank debt incurred in the Mona Vale accident and expenses associated with the offer.

McAleese wants to raise $166.3 million from the revised IPO, including an extra $11 million to help cover costs of the accident.

Read more here.

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