Calix IPO to fund global commercialisation drive

Published July 5th, 2018

Sydney-based technology company Calix began taking orders this week for an A$8 million initial public offering on the Australian Stock Exchange, which implies an enterprise value of around A$61.3 million (US$45.4 million).

Calix’s commercial products include a patented, cost-competitive sewer odour control and biogas purification solution based on the onsite generation of hydrated magnesium oxide, and a sewer lining solution which it sells through licensees.

Having focused its water and wastewater business on the Asia Pacific region to date, Calix plans to use a portion of the IPO proceeds to ramp up its commercialisation activities in Europe and the US.

Core shareholder Och-Ziff currently holds 22.9% of Calix’s shares, with management holding a further 14.2%.

Calix turned EBITDA-positive in the year ended 30 June 2017, generating EBITDA of A$225,000 on revenues of A$3.18 million (a figure which nevertheless excludes significant grant and rebate income linked to product R&D and commercialisation).