China Minzhong Food Corporation, one of the leading integrated vegetables processors based in Fujian province in China, says it today registered its IPO prospectus with the Monetary Authority of Singapore.

China Minzhong is issuing and making an offering of 197,344,000 shares for subscription and purchase by investors at an offering price of $1.20 per share. A total of 9,867,000 shares will be offered to the public while 187,477,000 shares will be placed out. The local public offer will close at 12 noon next Tuesday. The shares are expected to commence trading on the SGX Mainboard next Thursday.

China Minzhong hopes to raise $135.5 million in net IPO proceeds after expenses. About $56.9 million of net proceeds will be used to increase the group’s production and processing capacity; $51.5 million will be used to increase cultivation capacity by acquiring or leasing new farmlands and for the related land improvements costs; with the balance of $27.1 million will be used as general working capital.

Established in 1971, China Minzhong’s portfolio comprises processed vegetables and fresh vegetables produce.