06 September 19
"Qponics to begin hearing advisory pitches for 2020 IPO - CEO
Qponics, a public Queensland-based Australian agribusiness, will begin hearing advisory pitches for an initial public offering (IPO) in 2020 to scale algae cultivation, said Chief Executive Officer Graeme Barnett.
The company is looking to list on a suitable Australian bourse in the second quarter next year, but will confirm the venue and timeline after taking guidance from its corporate advisor, Brisbane-based BlueMount Capital, Barnett said. BlueMount Capital will also assist with other details for the IPO, including the amount to be raised and specific advisors required, he said, adding that it is initially gauging interest from Australian stockbrokers for the proposed IPO.
Qponics, which is gearing to become a major global producer of marine microalgae-sourced vegetarian alternative protein and EPA omega-3 oil, will use the funds to be raised from the proposed IPO to upgrade its Pinjarra Hills algae farm to a 10.8-hectare commercial-scale facility by the end of 2021, and to further expand capacity on a 167-hectare site in Ballina that it plans to acquire with pre-IPO funds, Barnett said."
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