King Salmon IPO price tipped at $1.12 to $1.14

Float hopeful King Salmon is expected to price between $1.12 and $1.14 per share, according to sources.

A book build for the initial public offering of the New Zealand-based salmon producer is being held today ahead of a dual listing of the company on share markets both in Australia and across the Tasman.

First NZ Capital and Macquarie Capital are joint lead managers on the deal, which has a pricing range of between $NZ1.10 and $NZ1.20 per share.

The company has plans to raise between NZ$76m and NZ$82m, subject to the final price and the offer being fully subscribed, with the company’s market value expected to be between NZ$151m and NZ$162m.

The book build closes around 5pm AEST with the company to lodge its product disclosure statement Friday ahead of an October listing.

King Salmon farms salmon in New Zealand’s Malborough Sounds and is backed by the wealthy Malaysian Tiong family whose patriarch, Hiew King Tiong, is a media and agriculture billionaire.