AgFeed Industries Inc., a U.S hog production and animal nutrient company with primary operations in China, announced the proposed sale of up to 20% of its animal nutrients feed subsidiary via an initial public offering of the subsidiary's common stock. The U.S. Securities and Exchange Commission must declare the company’s filing effective before any common stock sales may occur. The company seeks to raise $20M to $25M.
Songyan Li, AgFeed's chairman, said "the IPO reflects our board's desire to provide dedicated capital to our animal nutrient business to develop its presence in other segments of the animal nutrition market, specifically the compound feed and concentrated feed markets, which together comprise 95% of China's expanding production."
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