Natural sweetener manufacturer BioVittoria will float on the stock exchange.
The Hamilton-based company is seeking $20 million to fund the on-going commercialisation of its natural sweetner PureLo, to compete in what it says is an $US50 billion market.
It will issue 20 million shares at $1 each, which BioVittoria chief executive David Thorrold says will be used to buy the Lo Han Guo fruit it uses, repay debt and expand the company.
Mr Thorrold says existing investors include Endeavour Capital, ACC, and Stephen Tindall's K1W1 fund.
BioVittoria lost $3.6 million in the year to March and doesn't expect to start making a profit until 2012.
It is forecasting sales of $US35 million and operating earnings of $6.8 million by 2013.
The company says it is already selling to some of the world's largest food and beverage firms but has declined to name them.
Its main competitors are Pure Circle and GLG Life Tech, which also compete in the natural low-calorie sweeteners market.
