Scales Corporation board (from left), Andy Borland, Alan
Isaac, Nick Harris, Jon Mayson, Tim Goodacre and Mark
Hutton. Photo supplied.
Christchurch-based Scales Corporation is seeking $30
million from investors as it prepares to list on the NZX on
The company, which has three divisions - horticulture,
storage and logistics and food ingredients, registered its
prospectus and investment statement yesterday.
The IPO would be made up of an offer of up to 100.8 million
ordinary shares. The offer would raise up to $30 million of
new capital and provide Scales with flexibility for the
future expansion of the business, managing director Andy
An indicative price range had been set at $1.60 to $1.80 per
share. Based on the indicative price range, the company's
market capitalisation would be between $221 million and $251
The offer was expected to receive strong support from both
retail and institutional investors in New Zealand and
onshore, chairman Jon Mayson said.
''Scales has an exposure to the key primary sectors in New
Zealand across its three operating divisions. We believe our
diversity and exposure to a number of expanding export
sectors is one of our key strengths.''
The horticulture business included Mr Apple, New Zealand's
largest fully integrated grower, packer and marketer of
Scales earlier reported an after-tax profit of $20.4 million
on record revenue of $272.8 million. Joint lead managers are
Deutsche Craigs and First NZ Capital.
June 20: Prospectus registration
July 4: Final price announced
July 5: Broker firm offer opens
July 22: Broker firm offer closes
July 25: Trading expected to start