Western Kingfish IPO oversubscribed

The Fish Site
by The Fish Site
16 July 2007, at 1:00am

AUSTRALIA - Fish farmer Western Kingfish Ltd has closed its $8 million initial public offer (IPO) more than a week early, with the listing oversubscribed.

The company - which has Rupert Murdoch's son, Lachlan Murdoch, as an investor - plans to list on the Australian stock exchange before the end of July.

Western Kingfish has issued 32 million shares at 25 cents, with the funds earmarked for the expansion of Western Kingfish's aquaculture operation at Jurien Bay in Western Australia.

Lachlan Murdoch has a 13 per cent stake in Western Kingfish through his company Illyria Pty Ltd.

Western Kingfish managing director Stewart Graham said the company was delighted by the strong level of interest in the IPO, which closed eight days early.

"We are delighted at the high level of interest in this IPO, especially from institutions," Mr Graham said.

Source: The Sydney Morning Herald