Australian livestock feed additive manufacturer Sea Forest Ltd. has been listed on the Australian Securities Exchange after raising AUS20.5 million (US$13.3 million) in an initial public offering (IPO). Sea Forest trades under the ticker symbol SEA, as of November 26.
Sea Forest produces SeaFeed, an Asparagopsis feed additive that improves productivity while reducing methane emissions from ruminants.
The company said in a press release the IPO will provide it with access to new sources of capital that will support its next phase of commercialization and growth. Proceeds from the IPO will be used to accelerate Sea Forest’s commercialization, including the establishment of new facilities in Queensland, New South Wales, Western Australia and South Africa, providing for increased production capacity and distribution. The funds will also be used to support ongoing innovation, regulatory approvals and increased marketing.
“We are delighted with the successful listing of Sea Forest on the ASX,” said CEO, managing director and co-founder, Sam Elsom. “The IPO marks a major milestone for the company as we embark on our next stage of growth and global expansion.”
New agreements
Sea Forest has entered into a three-year supply agreement with New South Wales-based Providore Global to supplement 12,000 head of cattle. Under this agreement, the full herd is expected to be rationed with SeaFeed by March 2026. With this agreement, Sea Forest has arrangements covering approximately 118,000 head of livestock with SeaFeed.
Sea Forest has entered the South America and Brazil markets with a strategic partnership with Brazilian climate solutions company Belterra Agroflorestas. Under this agreement, Belterra will collaborate with Sea Forest to promote SeaFeed within its network of agricultural producers.
In Japan, Sea Forest has entered into a strategic arrangement with food business Oisix Ra Daichi to grant Oisix exclusive rights in the country to distribute and manufacture Sea Forest’s livestock supplements and access support for seaweed cultivation.
