Rua Bioscience share offer opens today

Rua Bioscience has taken the first step of its IPO. Photo / Supplied

New Zealand cannabis firm Rua Bioscience today opened its priority share offer ahead of its NZX listing later this month.

This first stage will see $15 million in shares made available to the large retail brokers and institutional investors.

A further $5m worth of shares will also be made available to Tairāwhiti residents, existing shareholders in Waiapu Investments and others closely associated with the business.

There is currently no public pool of shares available in the offer.

Rua Bioscience aims to raise up to $20m in new capital through the initial public offering, giving it an implied value of $70m.

The company is selling 40 million shares at 50 cents per share, accounting for a total 28.6 per cent stake in the company.

The broker firm offer will close 16 October, followed by a plan to list on the NZX main board on October 22.

This will mark the first new NZX listing since Napier Port in August last year.

The move will see Rua Bioscience join Cannasouth as New Zealand's only other listed cannabis company.

Cannasouth first listed on the NZX in June last year at 50 cents.

The company's stock is currently trading at 88 cents.