New Zealand King Salmon (NZKS) wanted $30million in new capital to repay debt, use for working capital and fund future fish farm investment
With the IPO fully subscribed, and based on the $1.12 price per share, NZKS market capitalisation was $154.5million, excluding shares of an employee share ownership plan.
NZKS chairman John Ryder said it was a strong show of community support that a priority offer of $1.5million of shares to eligible Marlborough and Nelson Bays residents was fully subscribed.
As part of the IPO, existing investor Direct Capital sold $45million of shares and major shareholder Oregon Group reduced its shareholding from 51% to about 40%.
Other minority shareholders sold about $1.5million of shares.
The company's 2015 revenue of $98.3million is forecast to steadily increase to $143.6million for full year 2018, while after-tax profit rises from $6.3million towards $14million in 2018.
