Sea Forest all set for ASX listing

Triabunna-based company Sea Forest is set to list on the ASX on November 26 as it aims to expand interstate and overseas.

It will be listed with a market cap at the offer price of $112.1 million.

Sea Forest has a fully underwritten Initial Public Offering (IPO) of 10.25 million Securities at $2.00 per Security, with a goal of raising around $20.5 million.

The company has been utilising Asparagopsis, a type of seaweed, to produce a livestock feed supplement that reduces methane emissions in cattle.

Sea Forest currently has agreements to supplement approximately 100,000 head of 

livestock and is in discussions with producers managing an additional 700,000 heads. 

Alongside expansion plans, Sea Forest CEO, Managing Director and Co-Founder Sam Elsom said funds would be used to support ongoing product innovation and regulatory approvals, and to provide working capital and cover costs associated with the $20.5 million offer.

“Sea Forest supports a more productive and sustainable farming industry,” Mr Elsom said.

“We aren’t just an environmentally friendly business, we’re one that is driving measurable productivity gains at the farm gate, with a happy byproduct being that our feedstock directly leads to an up to 80 per cent methane emission reduction.

“SeaFeed is a win-win for farmers, and we’re excited about the opportunity to scale and meet demand at home and abroad following our successful IPO.”

Celebrity couple Hamish Blake and Zoë Foster Blake, along with former professional surfer Mick Fanning, are among Sea Forest’s backers.

“The business case is compelling and we’re seeing increased interest and adoption in our products because it’s good for business and good for the environment,” Mr Elsom said.

“As we take the next step in our journey as a listed company, our vision is clear: we’re focused on scaling our operations, advancing our research, and deepening our relationships with industry and community partners.”

Sea Forest is hoping to build new facilities in Queensland, New South Wales, Western Australia and South Africa.