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Taggares Agriculture withdraws IPO

The Washington-based farm buyer and operator was hoping to raise $48m from a public listing on the NASDAQ platform.

Taggares Agriculture Corp, the Washington-based farm buyer and operator, has shelved plans for its IPO that was scheduled for the week of 30 June.

The IPO was hoping to raise as much as $48 million from a public listing on the NASDAQ platform. The company filed their intent to withdraw with the Securities Exchange Commission on 3 July 2014.

The family-owned company planned to sell seven million shares with the proceeds being used for the $30 million acquisition of Snake River Vineyards from other companies within the Taggares’ agricultural empire.

Taggares Agriculture, established in 1979, is wholly owned by the Taggares family. They are owners of an extensive agriculture empire, established over a century ago.

The firm posted sales of $8 million for the 12 months ending 28 February 2014, reported Renaissance Capital, an investment bank based in Russia.  Janney Montgomery Scott and Roth Capital were due to run the book on the IPO.

Taggares was unreachable for comment.