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Rubicon’s ArborGen plans to raise US$75M in IPO
Rubicon’s ArborGen plans to raise US$75M in U.S. IPO
Oct. 4 (BusinessDesk) - ArborGen Inc. the tree seedling company that’s 33% owned by New Zealand’s Rubicon Ltd., plans to raise US$75 million in a U.S. initial public offering.
The Summerville, South Carolina-based company will use the proceeds to buy a new headquarters, manufacturing and research laboratories and to repay debt, it said in a statement on Friday. ArborGen’s other shareholders are International Paper Co. and MeadWestvaco Corp.
The number of shares to be offered and the price range for the offering have not yet been determined, it said. Goldman, Sachs & Co. and Citi will manage the sale.
Rubicon shares last traded at 79 cents and have fallen 12% this year.
(BusinessDesk)
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