Fish farmer New Zealand King Salmon's shares are to be sold at $1.12 each, the bottom end of its indicative price range.
One of King Salmon's farms in Tory Strait. Photo: RNZ
The price has been set after institutional investors indicated what they are willing to pay, and the float of 69.2 million shares values the company at $154.5m. The float's organisers had indicated a price range between $1.10 and $1.20 a share.
Chairman John Ryder said shares had been allocated to institutions in Australia, New Zealand and Hong Kong, and they were also being offered to local iwi and residents, as well as retail investors through a number of brokers.
"Naturally we are delighted New Zealand investors have demonstrated strong support for the initial public offering with demand exceeding the size of the offer at the final share price."
King Salmon will get $30m in new capital, which will be used to repay debt and fund future investment.
The company has eight sea farms in the Marlborough Sounds, which harvest and process more than 6000 tonnes of salmon a year.
Some of the company's shareholders are cashing in some of their investment. Private equity firm Direct Capital is selling up to $45m worth of shares, and Oregon Group is selling a small number of shares, but will still hold 40 percent.
The company's offer documents are forecasting revenue of about $130m for the current year and operating earnings of $19m.
Click here to view the offer details and disclosure documents.
The aim is to list on the New Zealand and Australian sharemarkets on 19 October.