Toronto-listed Americas mining contractor Stracon Group Holding plans to raise up to C$115 million (US$82 million) via an initial public offering of shares, including those held by CEO Stephen Dixon and minority investor America Infrastructure Partners.
London-based fund manager Ashmore Group controls Stracon through its circa-85% shareholding.
Previously Peru-based Stracon redomiciled to Canada last year and listed on the Toronto Stock Exchange with a circa-US$400 million market value, which is also its current market capitalisation.
The company this week reported June quarter EBITDA of US$20.9 million, up 29.5% year-on-year, on a 6.5% yoy rise in revenue to $208.3 million. For the first six months of 2026 Stracon booked $375.5 million revenue, up 3.9% yoy, and $41 million EBITDA, up 48.7% yoy.
It had net debt at the end of June this year of $214.2 million, including debt associated with financing Perez Caldera tailings infrastructure project work for Anglo American at the miner’s Los Bronces copper mine in Chile. Stracon closed a $376 million non-recourse financing with Natixis, Sumitomo Mitsui Banking Corporation and Banco de Credito e Inversiones to support delivery of Perez Caldera in April this year.
It said its total contract backlog was $2.03 billion at the end of June 30.
Raymond James, National Bank of Canada Capital Markets and Scotiabank are joint bookrunners for the IPO in Canada.
Stracon says IPO shares will not be offered via its Lima Stock Exchange-listed entity in Peru.
