New Zealand King Salmon has confirmed plans to undertake an IPO in New Zealand and Australia.
The premium salmon company is listing on the NZX Main Board and the ASX, with the proceeds of the offer to be used to repay debt, fund future investment and working capital.
This will also enable investor Direct Capital and some other shareholders to "realise some or all of their investment” the company said in a statement.
“The continuing involvement of major shareholders Oregon Group and others reflects their ongoing support for New Zealand King Salmon and desire to remain invested in the company alongside new investors,” the company's chairman John Ryder said.
New Zealand King Salmon is the largest aquaculture producer of the premium King salmon species in the world and its brands include Regal and Southern Ocean and the premium foodservice brand, Ōra King.
Its operations span all elements of the value chain from breeding and growing to harvesting and processing, and it sells its products to retailers, wholesalers and chefs.
“The company has a well-established domestic market presence and share, and a history of successfully selling our products in offshore markets including North America, Australia, Japan and other parts of Asia, and Europe and other countries,” Ryder said.
