The chairman of newly-listed Murray Cod Australia, Ross Anderson, says that over time Murray Cod has the potential to outstrip barramundi as the fine-dining fish of choice but it will be a slow build.
Steamed Murray cod with kabu turnips, hatsuka radish, garlic chives and umami broth was a winner in 2016 at Quay, the high-end dining restaurant run by chef Peter Gilmore on Sydney Harbour's foreshore and supplying fine dining outlets like Quay is helping to drive demand.
The company began trading under its own guise on Tuesday on the Australian Securities Exchange after raising $10 million as it seeks to expand production after stitching together three existing aquaculture businesses and pursuing a back-door listing through the shell of Timpetra Resources.
It joins the ranks of a string of other listed aquaculture stocks in what can be a highly volatile industry for investors.
Mr Anderson said demand was strong and Murray Cod Australia simply can't keep up with demand for fully-grown Murray Cod, which take about 18 months to grow to full size from a hatchery.
"We've got people who are getting annoyed with us because we simply can't supply them with what they want," he said. "We don't have enough fish to supply domestic demand".
The demand was huge from Asia, but in the short-term Murray Cod is limiting supplies to just the Genting Dream, a cruise ship operating out of Hong Kong for which Australian chef Mark Best, who also oversees Pei Modern restaurant in Melbourne, is sourcing Murray Cod. Supply of domestic customers in Australia is the main priority.
It is slowly being fixed as the three NSW businesses come together - Riverina Aquaculture, Bidgee Fresh and Silverwater Native Fish.
Murray Cod Australia issued 200 million shares at 5¢ and by noon on Tuesday was trading marginally above that. Mr Anderson said there wouldn't be a short-term focus on the share price.
"We've been flat out making things happen," he said. The company had a vertically-integrated approach for breeding, growing and supply of Murray Cod.
"We really need to be looking at the share price in three to four years' time," he said.
He said about 22,000 tonnes of barramundi were consumed annually in Australia, but about 15,000 tonnes of that was imported.
Mr Anderson said Murray Cod was a sought after white-flesh fish which he predicted would claw away much more market share. It is the largest freshwater fish in Australia and has a high protein content.
"We know it's Australia's premium native fish," he said. Murray Cod aims to be producing about 5,000 tonnes of fish within five years.
