Organic sultanas, raisins and currants company Murray River Organics is seeking to raise $35 million for an initial public offering valuing its equity at $113 million.
Stockbrokers Morgans and PAC Partners launched the long-awaited deal on Wednesday morning, with Murray River Organics also kicking off a two-week roadshow.
The company is in the market for $35 million at $1.30 a share, which represented 17.1-times forecast 2017 profit and 9.1-times on an enterprise value-to-EBITDA basis.
If successful, it would list with a $113 million market capitalisation on December 9.
Potential investors were told Murray River Organics expected $78 million revenue and $6.6 million profit in the 2017 financial year, both on a proforma basis, and $15.9 million EBITDA.
Murray River Organics is no stranger to fund managers. The company raised in a pre-IPO round this time last year and again in June, using proceeds to fund acquisitions.
From humble beginnings with one small vineyard in Victoria's Sunraysia region in 2010, Murray River Organics has grown to become the largest vertically integrated producer and marketer of sultanas and other organic dried vine fruit.
The IPO includes $10 million slated for existing investors and $25 million for the business.
The brokers were seeking institutional bids by November 22 and expected to lodge a prospectus on November 23.
