Podcast: Major Drilling Executives Say More Local Companies Should Consider Going Public
There are relatively few publicly held companies based in Atlantic Canada. In recent years, the region’s high-flying technology companies have typically grown to a point and then sold to a national or international firm. The region is also known for its intergenerational, family-owned businesses. Should more firms look at listing on the public stock markets such as the Toronto Stock Exchange (TSX)?
On the week’s episode of the “Insights” podcast, Denis Larocque, President and CEO of Major Drilling, and Andrew McLaughlin, the company’s VP of Legal Affairs and General Counsel, weigh in on the pros and cons of being a publicly-traded company.
Moncton-based Major Drilling is one of the province’s few publicly traded firms. It has used its ability to raise capital to become one of the world’s largest drilling services companies.
McLaughlin has written a persuasive report outlining the benefits and believes more publicly held companies would be good for the economy. Huddle will be publishing more about this soon. McLaughlin says New Brunswick has a lot of large, family-owned businesses and a strong ecosystem of smaller businesses.
“What seems to be missing is that middle layer that can expand into titan status. I’m talking about companies with $200-million in revenue that can grow up to the $1-billion mark,” he tells “Insights” co-host David Campbell.
“It’s this layer of companies that are the drivers of wealth creation and economic dynamism in other provinces. It’s this realm where public companies can play a particularly prominent role.”
McLaughlin says the region needs to create an “IPO incubator” that helps more companies go public if that’s the best way for them to grow.
That approach has proved successful for Major Drilling. With a current market cap of more than $750-million, it has more than 3,500 employees and drilling operations on five continents.
You can listen to Campbell’s conversation with Larocque and McLaughlin in the player above or on a podcast platform like Apple or Spotify.
The “Insights” podcast combines the experiences of an economist, David Campbell, and a social scientist, Don Mills, to explore the challenges and opportunities facing Atlantic Canada, to promote data-driven decision-making among policymakers, and to encourage a wider dialogue and debate leading to greater prosperity for the region.
Banner photo: Denis Larocque and Andrew McLaughlin. Images: submitted.
Hunting for IPOs - An Elusive Species In New Brunswick’s Economic Ecosystem - Huddle.Today
November 13, 2021 @ 8:35 am
[…] and drilling operations on five continents. He and CEO Denis Larocque appear on the latest Huddle “Insights” podcast to chat about the pros and cons of being a publicly-traded company. McLaughlin has written […]