New Zealand apple exporter Scales Corporation is planning for a listing on the New Zealand stock exchange (NZX) and an initial public share offering (IPO), news publication Stuff.co.nz reported.

According to the story, the company has appointed First NZ Capital and Deutsche Craigs as advisers, and a prospectus is due to be released around the middle of June.

The vast majority of Scales Corporation, which was established in 1897, is owned by private equity investor Direct Capital and co-investment partners New Zealand Superannuation Fund and ACC, which collectively hold 84%.

The rest is owned by senior management team members and some 400 external investors.

The story also reported the IPO would involve the sale of new shares along with some of those held by existing shareholders. Direct Capital said it was aiming to keep an as-yet undisclosed stake in the apple exporter.

One market participant who did not want to be named was reported as saying a large number of companies were also planning to list later in the year as a result of rising share prices and were currently attempting to drum up support in the financial community.

The story mentioned Scales last month reported good market conditions which contributed to a record profit of NZ$20.4 million (US$17.2 million) for 2013, up 50% from the previous year.

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