Kilcoy discloses profit surge in US IPO filing as new listings gather pace

By Prakhar Srivastava and Pritam Biswas

June 16 (Reuters) - Kilcoy Global Foods, which supplies protein-based food products, on Monday disclosed a 74% jump in annual profit in its filing for a U.S. initial public offering, joining a host of companies trying to take advantage of a renewed interest for new listings.

The U.S. IPO market has seen some eye-popping debuts in recent weeks, fueling hopes of a steady revival after a dry spell triggered by uncertainties over President Donald Trump's tariff policies.

"The reception to Kilcoy's U.S. listing will be a key test of the market's appetite to support companies that are exposed to the complexities of global supply chains," said IPOX research associate Lukas Muehlbauer.

Australia-based Kilcoy's total revenue for 2024 rose nearly 17% to $2.2 billion, according to the regulatory filing.

It also posted a net income of $60.4 million during the period, compared with $34.7 million a year earlier.

Kilcoy's IPO filing follows a stellar Nasdaq debut of Chinese tea chain Chagee CHA.O earlier this year.

The company plans to use a portion of the IPO proceeds for acquisitions, expanding production capacity and accelerating digital transformation and automation.

Kilcoy, which sources high-quality fresh proteins and uses advanced processing methods to preserve both taste and nutrition, has a strong presence in Australia, the U.S., China, Japan and South Korea.

The company, which operates eight advanced production facilities across the world and serves more than 1,500 food service and retail accounts, said in its filing on Monday that uncertainties remain regarding approval of the listing from the Chinese government.

"Kilcoy's primary vulnerability lies in its role as a supplier, a risk highlighted when China's multi-year ban on Australian beef heavily impacted its operations until late last year," Muehlbauer added.

The company is aiming to list its American depositary shares on the Nasdaq under the symbol "KGF".

Citigroup and Morgan Stanley are the underwriters for the offering.