American shrimp RAS firm plans IPO
January 25, 2022 By Nestor Arellano
Minnesota-based recirculating aquaculture system (RAS) shrimp producer, The trū Shrimp Companies Inc., has filed a proposal for initial public offering (IPO) with the United States Securities and Exchange Commission.
trū Shrimp is in the process of raising money to build it’s first large-scale production facility in South Dakota.
“We’ve regained a tremendous amount of momentum thus far in 2021, following an understandably challenging 2020,” said Michael Ziebell, president and CEO of trū Shrimp, in a press release. “We are taking major steps to propel The trū Shrimp Company forward, with our continued focus on breaking ground in Madison, S.D.”
The company produces premium consumer shrimp of varying sizes. trū Shrimp also produces chitosan (a sugar obtained from the outer skeleton of shrimps) for medical applications, and for use as a high-protein pet food ingredient.
Founded in 2014, trū Shrimp developed a commercialized scalable, and shallow-water indoor aquaculture platform that enables controlled and predictable production of shrimp and shrimp shell tissue.
In a press release, the company said the number of shares to be offered, as well as the price range for the proposed offering, have not yet been determined.
The company is raising capital to build its first large-scale shrimp production facility in Madison, S.D. trū Shrimp intends to start construction later this year on the US$90-million production facility. The company wants to grow 1.3 million pounds of head-on, shell-on shrimp, annually.
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