Abundant Produce Ltd, Australia's latest listed agriculture company, debuted on the Australian Securities Exchange on April 26. The vegetable seed company's shares commenced trading at 45 cents but rose to 54 cents during the same morning’s trade.
The shares have now settled back to 50 cents, an 11 per cent premium to the listing price.
But the latest trade is well above Abundant Produce’s issue price of 20 cents for 17.5 million shares released under an initial public offering.
Abundant Produce said it bred hybrid greenhouse vegetables with better yields, disease resistance, temperature tolerance and taste than current commercial varieties.
The company is based at Cobbitty, southwest of Sydney, and works in partnership with the University of Sydney’s Plant Breeding Institute.
Source: weeklytimesnow.com.au