SHARES in Chinese food and beverage company Bojun Agriculture Holdings have risen modestly on the Australian Securities Exchange in its first two hours of trading.
Bojun Agriculture listed on the ASX this morning at 30 cents a share after raising $7.6 million through an initial public offering.
Shares have traded only as high as 32 cents today.
Bojun Agriculture had proposed issuing from 24 million to 40 million shares to raise from $7.2 million to $12 million through the IPO.
Another 96 million shares had previously been issued to Chinese investors, including the company’s founder Bo Zhu.
Bojun Agriculture is now capitalised at $38.2 million.
The company is based in Jiangxi province in China, producing vinegar beverages and a variety of fruit-based snack foods for Chinese consumption from nanfeng mandarins.
Bojun Agriculture is chaired by former NSW deputy premier and leader of the NSW Nationals, Andrew Stoner.
Mr Stoner said Bojun Agriculture was pleased to reach the milestone of listing on the ASX as it brought many opportunities to continue its development in China and become a prominent snack food and beverage company.
“Bojun Agriculture’s listing on the ASX will enable the company’s collaboration and research with Australian agricultural entities and allow us to source Australian agriculture products for distribution in China and to provide capital to continue to invest in the development of new products to expand distribution,” he said.