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"Australia's largest floral wholesaler Lynch Group buds on the ASX"

An Australian company that has been growing and wholesaling flowers since 1915 has officially started trading on the ASX today, following a successful $206 million IPO as it aims for new inflorescence in domestic and Chinese markets.

The offering gives Brisbane-based Lynch Group (ASX: LGL) a market capitalisation of $439.6 million with part of the new funds going towards acquiring the remaining 80 per cent of Van den Berg (VDB) Asia Holding Limited, a premium rose grower in China.

The Lynch family has cashed in on half its holding through the offer but still holds close to 15 per cent of the group, which in Australia supplies flowers, bouquets, floral arrangements and potted plants to clients such as leading supermarkets, Bunnings and David Jones.

LGL has also been in China since 2004, where in 2015 it took a 20 per cent stake in VDB Asia with backing from institutional investor Next Capital, supplying roses and tulips to major retailers including Walmart subsidiary Sam's Club, Olé, and Alibaba's fresh food-focused chain Hema.

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