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The country’s largest chicken producer Tegal will raise between $299.1 million and $344.4 million, giving the firm a market value of up to $636 million when it lists on the NZX & Australia ASX on May 3rd 2016.
To establish the offer price, an auction-style “book build” process recently occurred & the final price was set at $1.55 a share, the bottom end of the indicative $1.55 to $2.50 range. Although receiving a strong demand from New Zealand, Australian and international investors, the majority shareholder Affinity Equity Partners will retain 45% of the company initially.
Dennis Cox, CEO of Countrywide Distributors, a leading NZ wholesale food service distributor welcomes the IPO. “Tegal is one of our leading bulk food brands so we’re pleased to now see further opportunity for them to accelerate their domestic and export growth”.