AgFeed plans to sell part of animal feed unit in IPO; expects to raise $20M to $25M

Chinese animal feed and pork producer AgFeed Industries said Tuesday it plans to raise as much as 25 million in a share offering.

AgFeed plans to sell a 20 percent of its animal nutrients feed unit.

AgFeed Industries Inc. said its focusing more on compound and concentrated feed markets, which make up most of China's current expanding production.

The company last year announced a joint venture with U.S. hog producer M2P2 as China attempts to introduce the Western model of pork production to China and Asia.