[23 September/ Radio NZ Rural]

New Zealand King Salmon shares would be sold at $1.12, near the bottom end of its indicative price range of $1.10 to $1.20. New Zealand King Salmon Chairman, John Ryder said the company was delighted that New Zealand investors had demonstrated such strong support for the initial public offering, with demand exceeding the size of the offer at the final share price. The float of 69.2 million shares valued the company at $154.5 million. King Salmon would get $30 million in new capital which would be used to repay debt and fund future investment. Direct Capital sold up to $45 million worth of shares, while Oregon Group sold a small number of shares to bring their holding down to 40 percent. King Salmon’s offer documents forecasted revenue of $130 million and operating earnings of $19 million for the current year.