Outside investors will be able to buy into a tightly held kiwifruit co-operative for the first time when Satara debuts on the NZAX market on Monday.
The Te Puke company will list just over 16 million "investor" shares.
It is not raising any capital with the listing but is expected
to do so within a couple of years to pay for industry consolidation.
Satara is described as one of New Zealand's largest kiwifruit and avocado post-harvest businesses with nine packing houses from Whangarei to Te Puke.
It will be the third primary industry co-operative on the NZAX, after Wool Equities and Livestock Improvement.
Like those businesses, it will have a two-tiered share structure, so control stays with farmer shareholders.
Unlike those businesses, non-suppliers will be allowed to buy in.
The listed shares will hold 40 per cent of the company's voting rights.
The other 60 per cent will remain with holders of the company's "transactor" shares - owned by grower suppliers and issued and redeemed at $1 a share on the basis of trays supplied.
The investor shares were issued as a bonus to suppliers five years ago and have never traded.
"We believe we have people who would like to sell their shares and this will give them a market," said Satara chief executive Brian Bilas.
He was also confident of ready buyers.
Some suppliers with transactor shares joined after the investor shares were issued and have been unable to buy any. Last year's fully imputed dividend was 8.995c per share.
If the share price was based on yield, the company could be expected to list at more than $1, said Jon Cimino, the NZX sponsor arranging the listing.
