Set to be Australia’s largest producer and supplier of Sydney Rock Oysters (SROs), East 33 Limited today announced details of an Initial Public Offering (IPO) and its plan to list on the Australian Securities Exchange (ASX).
Through a partnership-style acquisition approach East 33 has emerged rapidly as a dominant producer and supplier of SROs, which are found in a limited number of estuaries on the NSW coast and increasingly prized as a rare premium oyster.
Following completion of a number of additional acquisitions (Target Acquisitions), which are to settle prior to its admission to the ASX, East 33 will control approximately 9% of global SRO production, with a footprint in major SRO-growing areas on the NSW coastline.
Longstanding family owners of operations have been integrated into the ongoing East 33 business as it has acquired assets.
As well as hatchery and farming assets, East 33 will, following completion of the Target Acquisitions, establish footholds in processing, distribution and retail as part of a vertically-integrated model that captures margin at all stages of the SRO value chain.
A key pillar of East 33's growth strategy is showcasing the SRO’s provenance, heritage, rarity and unique flavour profile to international markets, where premium live oysters are able to command prices of as much as $15 per oyster.
On completion of the IPO, East 33’s Board will include two directors with international brand experience gained through global luxury group LVMH, Philip Corne and Kara Hurry Walker, as well as highly-regarded marketer Georgina Williams, and the Chairman and founder of China’s largest privately-owned integrated aquatic port in China, Mr Xingqi Gao. Former CEO of Destination NSW and executive Director of Sydney’s Vivid Festival, Sandra Chipchase, is on East 33’s Advisory Board. East 33 has also established marketing collaborations with Moet Hennessy, part of the LVMH Group.
East 33’s co-founder and Executive Chairman, James Garton, said: “We are proud to be part of the transformation of the Sydney Rock Oyster industry. This unique oyster has been enjoyed in Australia for more than 150 years and we look forward to deploying the skills of our farmers to showcase it to the world. The Sydney Rock Oyster should be our native version of French Champagne or Beluga Caviar.”
For the full press release and additional information, please visit: https://east33.sydney/investors/
The Prospectus is available in electronic form here: https://events.miraqle.com/east33-ipo.