Worley will offer 48 million shares through a combination of a retail offer, an institutional offer and an employee offer. After a much stronger than expected response from institutional investors, Worley said the retail allocation had been cut by 20% to ensure a "good institutional base for the company."

Retail investors are now expected to take about $20 million of the $96 million in Worley shares being sold to the public at $1.75 to $2 each with the balance to be marketed to institutional investors. The retail offer will open on November 4 and is scheduled to close on November 21.

After the float, the company will have a market capitalisation of about $300 million with just under 150 million shares on issue.

According to the prospectus released on the weekend, revenue is expected to rise 13.5% to $496 million in the year to June 30, 2003 while earnings before interest and tax is expected to rise from $25.9 million last year to $30.9 million for 2002-03, for a net profit of $22.8 million.

Worley said it would use the proceeds of the float to continue its expansion, including diversifying into other sectors. The company would also pursue "highly selective infrastructure investment opportunities."