06/07/2018 - 14:18

Wide Open lists after $5m IPO

06/07/2018 - 14:18

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Williams-based Wide Open Agriculture has begun trading on the ASX today after the company raised $5 million via an initial public offer.

Wide Open lists after $5m IPO
Non-executive director Stuart McAlpine ringing the bell.

Williams-based Wide Open Agriculture has begun trading on the ASX today after the company raised $5 million via an initial public offering.

The company issued 25 million shares at 20 cents each, with Mac Equity Partners acting as lead manager to the offer.

WOA is a regenerative food and agriculture group.

The company currently operates a pilot shade house at Arthur River that uses protected cropping technology to grow herbicide-free vegetables.  

The company said the funds raised from the offer would be spent on developing its technology.

Chief executive Ben Cole said the company was planning to expand its operations.

“The board of WOA believes that regenerative, diversified farming systems can deliver not just good financial outcomes, but also positive social and environmental returns,” he said.

“Following listing, the company is now in a position to develop and expand operations to include a network of farms and protected cropping systems across Western Australia’s Wheatbelt.

“Funds raised will be used to assist WOA to reach its goal of vertical integration from production through to distribution of premium produce and food products throughout Australia and ultimately, into Asia.”

Shares in WOA were flat at 20 cents each at the close.

 

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