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Haikui Seafood To Offer Up To 1.5 Mln Shares For EUR 10 - EUR 13/Shr

4/24/2012 5:48 AM ET

Chinese group Haikui Seafood AG said it is offering up to 1.50 million shares for its IPO on the Frankfurt Stock Exchange. The shares originate from a capital increase. The public offering in Germany and Luxembourg additionally includes an over-allotment option of up to 225,000 shares from two existing shareholders. The price range for the shares is between 10.00 euros and 13.00 euros.

The offer volume would lead to maximum proceeds of 22.4 million euros, of which a maximum of 19.5 millions euros would relate to the sale of new shares.

Also, the company would use the net proceeds from the sale of new shares of nearly 55-75% to support certain investments, especially the partial financing of a new factory near to its current processing facilities on Dongshan Island in the Southeast of China, Fujian province. Further, around 25-45% of the net proceeds shall be used for general working capital purposes.

by RTT Staff Writer

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