A modular car park construction company chaired by former Automotive Holdings Group boss Bronte Howson has announced plans to raise $6 million from investors and list on the ASX.
A modular car park construction company chaired by former Automotive Holdings Group boss Bronte Howson has announced plans to raise $6 million from investors and list on the ASX.
Nedlands-based Parkd will raise the funds through the issue of 30 million shares at 20 cents each, with the proceeds to be used to develop its lightweight concrete modular car parking system.
The system provides the ability to relocate the car park or adapt it to changing parking demands by either adding or subtracting to the structural levels of a car park.
Its current model has been designed for single or multi-rise arrangements for up to six levels, including a ground level.
Parkd will primarily be focusing on supplying and constructing its system for use as both permanent and temporary structures at locations including retail car dealerships, public and private car parking structures in the CBD, hospital campus parking, airport parking and university campus parking.
“The company’s founders have developed an innovative lightweight concrete modular car parking system,” Mr Howson said.
“The board and management team are led by me as chairman, Peter McUtchen as managing director, McGregor Thom as executive director and David Thomas as business development manager.
“Peter and David have developed the Parkd car parking system and provide experience in structural design and construction, and McGregor provides commercial and corporate finance experience.”
Mr Howson said the proceeds from the raising would be used to develop a single level car park for a Subaru dealership in Victoria Park – the company’s first commercial contract.
Parkd will construct the facility at no cost to the Subaru dealer, which will have exclusive free use of the car park for six months from practical completion (Parkd will retain ownership of the car park).
During the six-month period, the dealer will have the option to buy the car park for about $700,000.
Mr Howson resigned from his post at AHG last year after leading the business for about 16 years.
He also recently joined the board of fishing business Fremantle Octopus as a director.
Mac Equity Partners is acting as lead manager to the IPO, with Fairweather Corporate Lawyers acting as solicitor.
Williams + Hughes is acting as intellectual property lawyers to the company, with RSM acting as investigating accountant.
Mac Equity also lead managed bio-fibre technology company Nanollose’s recent $5 million IPO, as well as local tech company Hazer Group’s $5 million IPO in late 2015.
