The company’s 50c shares hit the boards at 84c and closed the day at 79c.
PearlStreet provides asset management, asset integrity and engineering contract services to owners of large energy and resources infrastructure.
The company said the money raised through the issue would increase capability for significant acquisitive growth, strengthen the company’s balance sheet to fund further business opportunities, and attract and retain key employees.
Managing director Anthony Wooles said the board was delighted with the investor response.
“The response indicates good support for PearlStreet’s business model and growth strategy as we deliver shareholder value over the medium to long term,” he said.
“We are now well positioned for rapid growth and to capitalise on the many opportunities in this sector.
“Significant prospects exist through an increased geographical extension of our existing services and domestic market development, which will provide both growth and yield returns for shareholders.”
With 18 locations across Victoria, New South Wales, Queensland and Western Australia, PearlStreet has 210 employees and two main operating divisions: PearlStreet Energy Services (PES) and PearlStreet ETRS (PETRS).
