Nutrano Produce Group has withdrawn its plans to list on the Australian stock exchange (ASX) just days ahead of publishing its prospectus.
The Sydney-headquartered group had planned to raise around A$45m in its initial public offering (IPO) with offers opening on 14 July and plans to start trading on 31 July.
Advised by Shaw & Partners and Gleneagle Securities, Nutrano told investors on 28 June that the plans would be pulled due to a lack of demand for new stocks on the ASX, with the proposed IPO unable to reach the valuation the company had sought.
Nutrano directors said the company would wait for market conditions to improve before revisiting a potential public listing.
“The IPO process and investor feedback has reaffirmed the company’s strong belief in the quality of its staff, customers, asset base and grower network,” said Nutrano managing director and CEO Steven Chaur.
The group had been planning on issuing between 29m and 32.1m shares between A$1.40 and A$1.55 for its IPO, listing with a market value of A$94.4m to A$99.7m, according to the Australian.
Nutrano was established in 2015 after acquiring the banana business of Oakville Produce, formerly Moraitis Group. Since then, it has purchasing leading Australian citrus grower-packer-marketers Seven Fields and Abbotsleigh Group.
The acquisition makes Nutrano one of the leading citrus producers in the country, with additional mango and blueberry orchards.