Ingham’s initial public offering (IPO) a quiet take-off
After 98 years as a private company Australia’s big poultry processor, Ingham’s Group, floated this week on the ASX to a muted response.
The shares were offered at $3.15 each to raise AUD $600million for the its private equity owner TPG.
First trade was at $3.14. The stock fell to $3.10 before closing at $3.22. Volume was 9.72 million shares, representing 2.6 per cent of the stock on issue.
The float has reduced TPG’s equity from 90.1 per cent to 47 per cent which is considerably higher than its earlier target of only 24 to 40 per cent retained equity.
Poultry consumption per capita has been growing steadily in Australia. In 2014 Australians consumed almost 1.5 times more chicken than beef, a figure that is projected by industry experts to rise to 1.6 by the end of 2025.
- Ingham’s chickens to fly in ASX float, TPG to get golden egg
- Ingham fire brought under control
- Ingham mulls options after factory fire
- Decision yet to be made over future of Ingham factory
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