RDX: A family business generating returns for the public

The largest IPO on the ASX in 2023 was a family business founded by a migrant back in 1965. Redox (ASX:RDX) listed in July 2023 with a market capitalization of $1.3 billion. The market capitalization has now grown to $1.8 billion. During the IPO they raised $402 million.
The business is dominated by the Coneliano family who hold about 50% of the shares on issue. The CEO is Raimond Coneliano who is the grandson of the founder, Roland, who passed away in 2017. Richard Coneliano is the Chief Operating Officer and largest shareholder, and Renato Coneliano is an executive director. Three of the six board members are members of the family.

Redox is an importer and distributor of chemicals, ingredients and raw materials. They are headquartered in Sydney and have over 100 stock locations. They source over 1,200 product groups from over 1,000 suppliers and distribute them to over 7,000 customers. The products cover a wide range of industry segments as shown in the chart below.

Source: Redox, FY24 Results Presentation, 22/8/24
85% of sales are generated from Australia with the remainder coming from New...