Southwest Minnesota-based Tru Shrimp, the indoor shrimp farm company, plans to go public this year to help it rapidly increase production. “We’ve been at this now over six years, and we firmly believe the research is done and…
we’re ready to commercialize,” Tru Shrimp chief executive Michael Ziebell said Wednesday. “We have customers for our products. This is the next step going forward.”
The aquaculture firm based in tiny Balaton, Minn., filed an IPO prospectus with the Securities and Exchange Commission Tuesday afternoon but has not yet nailed down an initial share price or the total amount the company wants to raise.
The filing marks Minnesota’s first initial public offering registration of the year. In 2021, there were eight successful IPOs to come out of Minnesota.
Tru Shrimp plans to break ground on a $90 million commercial production facility in Madison, S.D., later this year, pending financing. The company had originally planned to open a plant in Luverne, Minn., but was courted away by South Dakota incentives and perceived regulatory hurdles in Minnesota.
The company expects to grow 1.3 million pounds of head-on, shell-on shrimp annually, which equals 790,000 pounds of processed shrimp, according to the filing.
Americans consume more than 1.5 billion pounds of shrimp per year, almost all of it imported, federal data shows.
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