Download the Prospectus
Pre Money Equity Valuation
$32,646,240
Min Raise
$25,000,000
Max Raise
$25,000,000
Estimated Close
2018-06-27
Issue Type
IPO
Lead Manager
Canaccord Genuity Ltd
Type of Securities
Shares
Date First Lodged
05/06/2018
Offer Costs $
$1,436,000
Market Cap Max
$57,646,240
Key Executives
Cameron Henry (MD), Mark Connelly (NEC), Dean Ercegovic (ED), Brett Grosvenor (ED), Luke Graham (NED)
Company Address
78 Hasler Road Osborne Park WA 6017
Stockbroker's Snapshot
Multi-disciplinary engineering group
Exchange
ASX
1st Day VWAP
0.41
Chairman's Letter

On behalf of the Board, I am pleased to offer you an opportunity to invest in Primero Group Limited (Primero
or the Company).
Primero is a leading engineering and contracting company specialising in providing engineering design, construction
and operational services to the minerals, energy and infrastructure sectors. Primero has specialist expertise in
project implementation and delivery with a complementary service offering comprising civil, structural, mechanical
and electrical solutions. The Company provides these services to a diverse client base ranging from mid-sized
companies through to international mining and energy houses. Current clients of Primero include Wärtsilä,
Rio Tinto, Fortescue Metals, Galaxy Resources and Tawana Resources.
Founded in 2011, the Company is headquartered in Perth, with offices in Bibra Lake and Port Hedland, located
in regional Western Australia and Montreal in Quebec, Canada. Primero currently employs a full-time workforce
of approximately 120 professional, technical, managerial, supervisory and support personnel, in addition to
approximately 200 directly employed site construction personnel and subcontractors.
The quality of Primero’s management, client relationships and expertise within its core business divisions are all
factors contributing to Primero’s strong financial performance. As a result of these factors and the Company’s
demonstrated track record, Primero has experienced significant financial growth despite capital constraints. The
Company is looking forward to the increased financial strength and profile that the initial public offering will deliver.
In FY17, Primero achieved revenue of A$52.1 million (representing revenue growth of 58.3% from FY16) and earnings
before interest, tax, depreciation and amortisation (EBITDA) of A$2.6 million. In FY18, Primero forecasts revenue of
A$79.9 million, pro forma EBITDA of A$8.6 million and a pro forma net profit after tax of A$4.7 million. This forecast
growth is based on Primero’s strong operational and financial performance to date and existing contracted work,
with 98% of forecast FY18 revenue based on revenue earned to date and existing contracts, further details of which
are detailed in Section 6 of this Prospectus.
The Offer will raise total proceeds of A$25 million, comprising an offer of New Shares and an offer of Sale Shares
at A$0.40 each. The funds from the issue of 50 million New Shares will be used to enable Primero to fund future
growth opportunities and to meet obligations on future contracted work. The offer of 12.5 million Sale Shares
provides an opportunity for the Selling Shareholders to realise a portion of their existing investment in Primero
and provide liquidity in the shares of Primero, while retaining a significant stake in the future of the business.
Following completion of the Offer, Subscribers to the Offer will hold 43.8% of the issued share capital of Primero.
The remaining Shares will be held by the Existing Shareholders. The Existing Shareholders have entered into
voluntary escrow arrangements in respect of their retained shareholdings.
Along with providing Primero access to capital markets, the ASX listing will provide employees of Primero with
the opportunity to participate in the ownership of Primero and will increase the awareness of Primero throughout
the mining and energy industries. The Board believes that this will strengthen Primero’s competitive position and
continue to drive the growth of the Primero business over the years to come.
This Prospectus contains detailed information about the Offer and the current and proposed operations of the
Company, as well as the risks pertaining to an investment in the Company. I encourage you to read this document
carefully and in its entirety before making an investment decision.
Together with my fellow Directors, I look forward to welcoming you as a shareholder of Primero.
Yours faithfully
Mark Connelly
Non-Executive Chairman