Western Kingfish closes up 12% in ASX debut

Nedlands-based aquaculture group Western Kingfish Ltd has debuted strongly on the Australian Securities Exchange, closing up 12 per cent on its first day of trade.

Shares in the company closed at 28 cents, down from a high of 30 cents, but up from its initial public offer price of 25 cents.

Western Kingfish issued 32 million shares in its IPO, with the funds earmarked for the expansion of aquaculture operation at Jurien Bay in Western Australia.

The company used the funds raised to finalise the purchase of offshore aquaculture equipment and complete improvements and upgrades to the hatchery and licence areas.

The company also aims to increase fish production, purchase additional equipment and property and undertake studies into warehousing of crustacea.

Apart from its core focus, the Yellowtail Kingfish, Western Kingfish is investigating the potential of Western Rock Lobster.

Yellowtail Kingfish is a white-fleshed fish used in sashimi in Japan, with a global wholesale market estimated to be worth about $1.5 billion a year.

The company is chaired by Javelin Partners Pty Ltd director Robert Gould, with Australis Aquaculture chairman Stewart Graham serving as managing director. They are joined on the board by Merv Collinson, Simon Stone and executive director Alan Savage. Mark Kendrew serves as company secretary.

State One Stockbroking Ltd acted as sponsoring broker to the deal, with Stantons International Pty Ltd serving as auditor and Price Sierakowski providing legal advice.