Media Release: Clayton Utz acts for Bhagwan Marine on its successful IPO and ASX listing

With the IPO raising $80 million and Bhagwan’s opening market capitalisation of around $173 million, the IPO is the biggest float in WA since 2021.

Clayton Utz Perth Corporate partners Mark Paganin and Stephen Neale led the firm's team, together with consultant Kwan Leung and senior associates William Davies and Tashreen Tourabaly, with key support from lawyers Victoria Bandurski, Daniel Martinez, Matthew Ledger, Ally Clark and Zac Bosnakis. Other core team members included partner Peter Feros and senior associate Alex Melara (Tax), and partner Anna Casellas, senior associate Sarah Thiruneelakandan and lawyer Sally Gilfillan (Workplace Relations, Employment & Safety).

Bhagwan provides a diverse range of marine solutions within ports, nearshore, offshore, and subsea locations to industries such as oil and gas, subsea, port, civil construction, renewables, and defence. It’s major facilities in Dampier, Brisbane, Darwin and Melbourne are strategically located close to the assets and operations of its clients around Australia.

Founded in 2000 by the Kannikoski family in Geraldton, Western Australia with a single vessel, the Bhagwan business now has a diversified fleet of approximately 100 vessels and is one of the largest marine vessel operators and service providers in Australia.

Commenting on the transaction, Mark Paganin and Stephen Neale say:

This is a significant milestone in the evolution of the successful Bhagwan Marine business, which is testament to the Kannikoski family and all employees. We are proud to have the opportunity to be a part of it.