New Zealand's Scales Corporation has confirmed it is planning an initial public offer (IPO) and NZ stock exchange listing as early as next month, reports Reuters.
A prospectus is expected mid-June, with the company expecting a listing on the NZ Stock Exchange by late July, according to Reuters.
The business conglomerate is involved in shipping, trading, marketing and growing apples through its subsidiaries, and posted a net profit of NZ$20.4m in 2013, growing 50 per cent from the previous year, according to Scales' annual report.
The company’s grower-packer-exporter subsidiary Mr Apple aided a 17 per cent increase in sales, shipping 4m cartons of apples during 2013, with an increasing demand for apples in Asia as well as a strong apple prices driving the growth.
Scales is 84 per cent owned by private equity firm Direct Capital, with shares held by senior management and around 400 external investors.
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