Chinese company Bojun Agriculture has plans to raise up to A$12m in an Initial Public Offering (IPO) ahead of listing on the Australian Securities Exchange (ASX) in November.
The business manufactures beverages and snacks using Nanfeng mandarins, grown in China, and is now looking to expand.
Bojun Agriculture is offering 24m shares at A$0.30 per share, and up to A$4.8m in oversubscriptions, which would give the company a market capitilisation of up to A$40.8m.
“Bojun Agriculture is seeking an ASX listing to enable collaboration and research with Australian agricultural entities, source Australian agricultural products for distribution in China, and to provide capital to continue to invest in the development of new products to expand distribution,” Andrew Stoner, Bojun Agriculture chairman and former deputy premier of NSW, said in a company statement.
Stoner told the Weekly Times that the group is also looking to trial growing Nanfeng mandarins in Australia, potentially to export back to China as fresh fruit or for juice.
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