New Zealand King Salmon lists on the NZX and the ASX

New Zealand King Salmon chief executive Grant Rosewarne celebrates following the company's debut on the NZX.
JOHN ANTHONY/FAIRFAX NZ

New Zealand King Salmon chief executive Grant Rosewarne celebrates following the company's debut on the NZX.

New Zealand King Salmon shares jumped 3 cents after listing on the New Zealand and Australian stock markets on Wednesday morning.

The shares listed at $1.12 each valuing the company at nearly $155m.

Nelson and Marlborough residents were given priority to $1.5m of shares.

New Zealand King Salmon owns and operates eight sea farms in the Marlborough Sounds.
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New Zealand King Salmon owns and operates eight sea farms in the Marlborough Sounds.

Shortly after listing King Salmon shares rose to $1.15.

The Marlborough company would use the $30 million trough the initial public offer to repay debt, fund future investment and for working capital.

READ MORE:
* NZ King Salmon plans to go fishing for $180 million, list on NZ and Australian stock exchanges
* New Zealand King Salmon IPO share price confirmed at $1.12

New Zealand King Salmon is the world's largest producer of king salmon with three main brands: Ora King, Regal and ...
DEREK FLYNN/FAIRFAX NZ

New Zealand King Salmon is the world's largest producer of king salmon with three main brands: Ora King, Regal and Southern Ocean.

King Salmon is the world's largest producer of king salmon, having been breeding and selling salmon for more than 30 years.

The company sells salmon under three main brands: Ora King, Regal and Southern Ocean.

Chief executive Grant Rosewarne said every year the average person in New Zealander ate 1.5 kilograms of salmon - much less than the rest of the developed world.

Norwegians eat about 10kg of salmon per capita a year, he said.

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Salmon was a good source of omega three - fatty acids - and New Zealand King Salmon was investing in promoting the health benefits of salmon.

"We've got a lot of opportunity for growth that not a lot of other protein companies have," Rosewarne said.

Rosewarne, who owns just under 2 per cent of the company, said the global salmon market typically grew at between 6 per cent  and 7 per cent per year.

But for the last six years the New Zealand market had not been stimulated due to a shortage of fish, he said.

"We didn't have any more fish coming on stream."

The company owns and operates eight sea farms in the Marlborough Sounds, including three new farms consented in 2014.

It would spend $15.3m by 2018 increasing farm capacity and processing operations and was targeting annual production to 15,000 tonnes.

About 65 per cent of fresh salmon on New Zealand shelves was domestically farmed, he said.

The company has about 440 staff, 90 per cent of whom worked in the South Island.

New Zealand King Salmon fish are harvested for processing at 2.5 years old and about 50 per cent is exported.

 - Stuff

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