Genusplus Group (ASX: GNP) Secures A$200M to Fuel Transformational MPC Kinetic Acquisition

Key Highlights

• GenusPlus raises A$200 million through institutional placement
• Funds to support up to A$400 million MPC Kinetic acquisition
• Shares issued at A$9.25, a modest 1.5% discount to 5-day VWAP
• MPC Kinetic expected to generate A$547M revenue and A$116M EBITDA in FY26
• GenusPlus shares rise more than 6% following trading resumption

Infrastructure spending tied to Australia’s energy transition is beginning to reshape the local engineering sector, and Genusplus Group (ASX: GNP) moved further into that trend on Wednesday after securing A$200 million to help fund its acquisition of MPC Kinetic.

The Perth-based power and communications infrastructure group completed the institutional placement at A$9.25 per share, issuing roughly 21.6 million new shares.

The capital raise will directly support GenusPlus’s planned acquisition of MPC Kinetic, a civil and pipeline infrastructure contractor with operations spanning gas, water and renewable energy projects.

Shares in GenusPlus climbed 3.39% to $10.07 in late morning trade, extending a remarkable 12-month rally that has now seen the stock return more than 212%.

Source: MarketIndex 

Building scale into Australia’s infrastructure cycle

The acquisition marks a major expansion for GenusPlus.

Historically, the company has focused heavily on electrical transmission infrastructure, substations, battery storage connections and communications networks.

MPC Kinetic adds large-scale civil construction, pipeline installation and water infrastructure capability, allowing the combined business to pursue broader “balance of plant” contracts tied to renewable energy developments.

That shift comes as Australia accelerates transmission upgrades, battery storage deployment and regional grid expansion as part of the long-term decarbonisation push.

Recent contract awards across the sector have increasingly bundled civil works, electrical infrastructure and communications systems into single large-scale packages.

By combining both businesses, GenusPlus positions itself to compete for larger integrated infrastructure projects nationally.

Institutional backing arrives at tight pricing

The placement itself also attracted attention across the market.

Large institutional raises often come with steep discounts that pressure existing shareholders. GenusPlus priced its placement at just a 1.5% discount to its five-day VWAP of A$9.39.

That relatively tight pricing suggested strong institutional demand despite the deal size.

The placement price represented a 5% discount to the company’s last traded price of A$9.74 before the trading halt.

Bell Potter Securities and Euroz Hartleys acted as Joint Lead Managers and Bookrunners, with MA Moelis Australia serving as Co-Manager.

Settlement of the placement is scheduled for May 22, with normal trading of new shares expected to begin on May 25.

The MPC Kinetic acquisition is expected to complete on July 1.

A broader expansion strategy emerges

The capital raising follows an increasingly active growth period for GenusPlus.

Earlier this year, the company completed its Railtrain acquisition, while recent project wins included the Koolunga Battery Energy Storage System project and ongoing works connected to Tasmania’s North West Transmission Development.

Those announcements arrived alongside an earnings guidance upgrade earlier this week, pointing to strong utilisation across the company’s existing operations even before the MPC Kinetic transaction closes.

MPC Kinetic itself is forecast to generate approximately A$547 million in revenue and A$116 million in EBITDA during FY26, adding immediate earnings scale to the combined group.

Infrastructure remains at the centre of the market narrative

While technology and consumer sectors continue facing periodic valuation pressure from higher global interest rates, infrastructure-linked businesses tied to energy security and utility upgrades have remained firmly in focus.

Unlike cyclical consumer spending, utility infrastructure projects are often backed by multi-year government policy frameworks and regulated investment pipelines.

That has increasingly drawn institutional capital toward companies exposed to transmission, storage and industrial electrification themes.

For GenusPlus, the MPC Kinetic acquisition appears designed to deepen exposure to that structural buildout while broadening the company’s operational footprint across Australia.