Rubicon's stake in the biotechnology firm ArborGen could be diluted if ArborGen succeeds in raising up to $US92 million through an initial public offering in the United States.
ArborGen has operations in New Zealand, and is a third-owned by the New Zealand listed forestry investor Rubicon, which also has a 58% stake in Tenon. It was once part of Fletcher Challenge.
ArborGen has filed a registration statement with the US Securities and Exchange Commission detailing its plans to offer 5.12 million shares at between $US16 and $US18 each, with the aim of raising between $US82 million and $US92 million.
That would dilute Rubicon's ownership in ArborGen to 27.24%.
Goldman Sachs and Citi will manage the proposed offering.
Rubicon's share price is unchanged at $1.20.
