September 5, 2016
NZ firm King Salmon to raise NZ$30M from IPO
New Zealand King Salmon hopes to raise some NZ$30 million (US$21.94 million) from its initial public offering (IPO) to build more farms and boost sales to Asia and the US.
The firm’s chief executive, Grant Rosewarne said the float would see majority shareholder Oregon Group shed its shareholding from 51% to 40%, while Oregon Group has yet to decide how much of its 42% stake to sell, according to newsstory posted on scoop.co.nz.
Three new salmon farms are planned to be built in the Marlborough Sounds with the new capital raised. These are expected to increase the company’s harvests of salmon to around 9,500 tonnes by 2021 from the present 6,300 tonnes.
The three-decade-old company will list on both the New Zealand and Australian stock exchanges.