Olam Food Ingredients (OFI) is set to launch on the London Stock Exchange (LSE) next year.
Olam International Limited (Olam) announced that its operating group will pursue a primary listing on the premium category of the LSE, plus a concurrent listing on the Singapore Stock Exchange (SGX).
The company aims to launch its initial public offering within the first half of 2022.
The food ingredients group is also set to demerge from Olam to “unlock and maximise Olam’s long-term value.”
It announced a “strong and resilient” performance for the first half of 2021, and is hopeful that its momentum after revenues of $9.1 billion last year will carry it towards a premium listing.
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The business is one of the largest global suppliers of items including coffee, cocoa, nuts and spices from 2.6 million farmers worldwide.
Its assets include over 100 manufacturing plants and 15,000 employees across its operations.
“The decision to pursue a stock market listing is a major milestone for OFI and we are looking forward to presenting this exciting opportunity to investors globally through a proposed primary listing in London and a concurrent secondary listing in Singapore,”, OFI chief executive A. Shekhar said.
“The primary listing on the LSE will give us access to London’s large and diverse investor base, with its deep and liquid capital markets, and enable us to benefit from its strong understanding of and research coverage across the food and beverage sector.
“The concurrent listing in Singapore will also enable us to retain our strong local shareholder base and further tap into growing investor appetite in Asia.”