Food group IAWS is to seek a listing for its feed and fertiliser business Origin on the Irish Stock Exchange's IEX market and London's Alternative Investment Market (AIM).
Origin, which IAWS spun off into a separate company last October, intends to raise about €100 million from the flotation, which it will use to make acquisitions in the agribusiness sector.
Origin will remain a subsidiary of IAWS but will have a separate board of directors under chief executive, Tom O'Mahony, the former chief operating officer of IAWS.
The fertiliser blending, animal feed and marine protein businesses that make up Origin were the original heart of IAWS, but the group has not concentrated on growing this side of the business since it entered the lifestyle foods market with the purchase of Cuisine de France in 1997.
Mr O'Mahony said the listing would give the company a "renewed commitment to growth" in the agribusiness sector, which he said was enjoying a period of optimism following rises in commodity prices.
He said Origin might seek to raise further cash at a later date as it pursues its acquisition strategy.
IAWS indicated earlier this year that it was also considering private equity and joint venture opportunities to finance Origin, but Mr O'Mahony said yesterday that a listing would give the business an immediate profile and a transparent value.
As well as the fertiliser, feed and marine protein businesses, Origin has a food division, which comprises the Shamrock and Roma food brands and the com-pany's 50 per cent interest in the Odlum flour-milling group.
It also owns a number of significant properties in areas with development potential, including 30 acres in Cork's docklands.
The Origin businesses had a combined turnover of €817 million for the financial year ending in July 2006, with underlying earnings of €42 million.
The board of directors will have two executive and three non-executive directors. The executive directors will be Mr O'Mahony and chief financial officer Brendan Fitzgerald.
IAWS chief executive Owen Killian, its chief financial officer Patrick McEniff and Hugh Cooney, who is head of corporate finance in BDO Simpson Xavier, are the non-executive directors.
Davy Stockbrokers are acting as AIM and IEX advisers and brokers to Origin in the listing.
IAWS's announcement was well received on the Irish Stock Exchange yesterday, with the group's share price up 30 cent to €18.50, a climb of 1.7 per cent.
