WELLINGTON, June 3 New Zealand agribusiness
company Scales Corporation Ltd is planning an initial public
offer and stock exchange listing, the company said on Tuesday.
The company said a sale of new shares and a sell down by its
existing shareholders would occur after a prospectus was issued
in the middle of this month.
No value for the amount to be raised by the IPO was given.
First NZ Capital and Deutsche Craigs would manage the offer with
a listing on the NZ Stock Exchange expected in late July.
Scales is 84 per cent owned by private equity investor
Direct Capital, which plans to remain a cornerstone shareholder,
along with the state-owned New Zealand Superannuation Fund and
Accident Compensation Corporation.
The balance is held by senior managers and about 400
Scales Corporation grows and exports apples, as well as
providing storage and shipping services to the agricultural
Last month it reported an after tax profit for the year to
Dec 31 of NZ$20.4 million ($17.3 million) on revenue of NZ$278
Scales is the third company in a week to announce plans for
an IPO and stock exchange listing.
($1 = 1.1801 New Zealand Dollars)
(Reporting by Gyles Beckford; Editing by Bernard Orr)