Singapore-based aquaculture producer Barramundi Asia is considering an initial public offering (IPO) as it plans to scale production up to 50,000 metric tons by 2030.

"To realize the vision, we're going to need capital, whether that's from an IPO, industry players or investors, it's too early to say. We do have ideas for an IPO, but I wouldn't say it's confirmed," CEO Andreas von Scholten said.

The company is considering Singapore Exchange (SGX) and a Nordic exchange as potential directions, BusinessTimesreported.

The company operates one of the largest barramundi farms in Singapore and Australia, but has aims to grow even further.

Barramundi Asia recently acquired Singaporean startup Allegro Aqua, a company founded in 2018 with the aim of scaling up production of a high-quality strain of barramundi.

The group is currently setting up its largest site yet in Brunei, which is expected to produce 36,000 metric tons of fish a year by 2032.

Barramundi Asia is not profitable yet since it recorded revenues of SGD 20 million (€13 million/$14 million) in 2019.

This is due to being in a capital intensive phase of its growth plan, von Scholten said.

However, in order to list on the stock exchange, the company must be profitable or show that is seeking an estimated market capitalization of SGD 300 million (€200 million/$220 million) or more.

The company recently took Andreas von Scholton on board as CEO, who had previously been the Asia Pacific director for the vaccine manufacturer Pharmaq.