WELLINGTON, April 1 (Reuters) - New Zealand's leading poultry producer Tegel Group Holding Ltd is looking to raise as much as NZ$344 million ($238 million) through an initial public offering.
In a product disclosure statement, Tegel said it aims to sell between 137.5 million and 192.4 million shares at NZ$1.55 to NZ$2.50 per share. The final price will be set by way of a bookbuild that will take place April 18-19. The shares will list in New Zealand and Australia on May 3.
Once listed, the company will have an estimated market value of between NZ$552.1 million and NZ$636.3 million, Tegel said.
The funds will be used to pay existing bank debt and to pay out existing holders of Tegel's redeemable shares, the company said in the statement. ($1 = 1.4451 New Zealand dollars)
