VEEM Ltd (VEEM) is a marine technology company specialising in propulsion and stabilisation systems. VEEM also manufactures bespoke products and services for the marine, defence and mining industries. Established in 1968 and based in Perth, Western Australia, VEEM supplies products and services domestically and abroad. VEEM has sustained growth in its business activities over a 35 year period. The Company’s operations, consisting of foundry, machining, fitting, and balancing services have historically enjoyed consistent sales and profit growth from operations primarily in the Australian marine, mining, industrial and defence industries.
On 26 November 2016 VEEM was successfully admitted to the official list of the ASX following an initial public offer of 50,000,000 shares at an issue price of $0.50 per share raising $25 million (IPO). The IPO comprised a $20 million vendor sell down and $5 million raise via the issue of new shares. VEEM’s market capitalisation at the time of admission to the official list of the ASX was $65 million.
New capital raised under the IPO will assist VEEM to capture growth immediately available to its proprietary marine stabilisation systems while maintaining VEEM’s competitive advantages in the production of its marine propulsion equipment.
Steinepreis Paganin acted as legal advisors to VEEM for the IPO.