If this process is successful, upon listing, expected to occur next month, PearlStreet will have up to 47.6 million shares on issue (including up to 200,000 employee loyalty shares) and a market capitalisation of $23.8 million.

The 16 million shares offered under the prospectus will represent about 33.6% of PearlStreet’s expanded issued capital, comprising 10 million new shares and 6 million vendor shares.

PearlStreet is an unlisted public company that provides services to owners of large energy and resources infrastructure.

With 18 locations across Victoria, New South Wales, Queensland and Western Australia, it has 210 employees and two main operating divisions: PearlStreet Energy Services (PES) and PearlStreet ETRS (PETRS).

The company said proceeds from the offer would be used mainly to provide increased capability for significant acquisitive growth, strengthen the company’s balance sheet to fund further business opportunities, and attract and retain key employees.

PearlStreet managing director Anthony Wooles said the company had strong strategic growth prospects to further expand both organically and by acquisition given its exposure to the buoyant resources and energy sectors.

“We are forecasting pro-forma EBITDA growth of 46% for FY2007, which well exceeds the strong EBITDA growth of 35% recorded in FY2006,” he said.

In its prospectus, PearlStreet is forecasting profit after tax of $2.7 million (after adjustments for amortisation of customer-related intangibles and employee offer expenses) on operating revenue of $37 million for the year ending June 30, 2007. Forecast basic earnings per share is 5.3c/share.

At the 50c issue price, PearlStreet is listing on a 2007 forecast price/earnings multiple (on an adjusted basis) of 8.9 times and is forecasting a fully franked final dividend of 1.6c/share.

PearlStreet has been advised on its corporate activities by NLCorporate and Tolhurst Noall is the lead manager to the offer.