Forestry biotechnology group ArborGen is planning a share float in the United States.
ArborGen is a third-owned by Rubicon, which also has a 58% stake in Tenon.
The number of shares and the price range of the initial public offering is yet to be determined.
Last year, Rubicon said it wanted to commercialise its ArborGen business and expand into the biofuels sector.
ArborGen has filed a registration statement with the US Securities and Exchange Commission, but the number of shares, and the price range, haven't yet been decided.
The company was once part of Fletcher Challenge.