June 2, 2014 / 10:11 PM / 4 years ago

NZ's Scales Corporation planning IPO, NZX listing

WELLINGTON, June 3 (Reuters) - 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 external investors.

Scales Corporation grows and exports apples, as well as providing storage and shipping services to the agricultural sector.

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 million.

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

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