King Salmon dangles the hook
New Zealand King Salmon will list on the New Zealand and Australian stock markets at $1.12 a share next month.
The Marlborough company is seeking to raise $30 million through the initial public offering to repay debt, fund future investment and for working capital.
New Zealand King Salmon has been growing and selling salmon for more than 30 years and is the world’s largest producer of king salmon.
The share price gives the company a market value of $154.5m, if the offer is fully subscribed.
New Zealand King Salmon chairman John Ryder said demand exceeded the amount of shares on offer.
Shares have been allocated to investors in New Zealand (including to Marlborough and Nelson Bays iwi), Australia and Hong Kong.
Nelson and Marlborough residents would also have access to $1.5m worth of shares under a priority offer.
New Zealand King Salmon sells salmon under three main brands: Ora King, Regal and Southern Ocean. The company owns and operates eight sea farms in the Marlborough Sounds, including three new farms consented in 2014 with a 35-year term. The new farms are expected to eventually double annual production to 12,000 tonnes.