Taggares Agriculture has dropped plans for an initial public offering of stock that could have raised as much as $48 million for the Kennewick-based company formed by members of Eastern Washington’s Taggares family.
“At this time the company has determined not to proceed” with the IPO, Taggares said in a regulatory filing Friday.
When it filed for the IPO in April, the newly established company outlined plans to start by paying $30 million for a 3,200-acre apple and Concord grape property that is now owned by various descendants of potato baron Peter Taggares II.
Its ambitions included buying additional Pacific Northwest orchards and vineyards, according to the prospectus, which said the company could “capitalize on the Taggares name, reputation and long-standing relationships in the farming community” and potentially pay landowners with its stock.
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The offering was initially slated for late June, and then rescheduled for the end of this month.
This year has brought a bumper crop of IPOs.
Renaissance Capital recently reported that the second quarter yielded “the highest number of IPOs in any quarter since the heyday of the tech bubble.”
While it’s unusual for farming companies to go public, Colorado-based Farmland Partners raised more than $50 million in April and has since added several properties to its 40-farm portfolio in Illinois, Nebraska and Colorado.
Rami Grunbaum: 206-464-8541 or firstname.lastname@example.org