Apple company picks float price

Last updated 13:15 04/07/2014

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Investors keen on agribusiness Scales Corporation will have to pay $1.60 a share.

Scales announced today it had set that price for its shares after a "bookbuild" where institutional investors bid for parcels of shares.

Scales Corp owns the country's biggest apple-growing and exporting operation, Mr Apple. It also runs a coolstores and logistics business and a pet-food ingredients processor.

Scales is offering 93 million shares for sale at $1.60 a share. About 18.75 million are new shares to raise $30 million for the expansion of the business.

The rest of the shares are those being sold by its main shareholders, Direct Capital Investments, and co-investors the New Zealand Superannuation Fund and ACC, which will retain a combined total of 20 per cent of Scales Corp shares.

About half the shares on offer have been allocated to institutions in New Zealand, Australia and Asia and the rest to NZX broking firms for their retail clients. There is no public pool.

Scales Corp chairman Jon Mayson said 12 domestic institutions, several global agricultural funds and retail clients of broking firms would be investors in Scales.

Demand for the shares had exceeded the number available.

Based on $1.60 a share the company's market capitalisation would be $224m.

The offer of shares opens tomorrow and closes on July 22.

Scales shares are expected to start trading on the NZX on July 25

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