Delegat's Group has revealed further details on its proposed flotation.

The group, which owns Delegat's Wine Estate and a majority stake in Oyster Bay Marlborough Vineyards, said today (17 March) that it is looking to offer 32m shares at NZ$1.40 each. The 32m shares represents about 30% of the company, and the float should raise around NZ$44.8m (US$28.3m) for the company.

Earlier this week, local reports highlighted that the New Zealand wine producer was looking to launch the offer at between NZ$1.40 and NZ$1.60, which was less than the estimated range Delegat's presented to possible investors earlier this year.

In a separate report today, managing director Jim Delegat told the Dominion Post that the company hoped to register a prospectus next week, but securities regulations prevented him from talking about the float till then. The three-week offer is set to open on 27 March.

A priority pool of NZ$15m of shares has been set aside for Oyster Bay shareholders, investors who sold Oyster Bay shares to Delegat's in its partial takeover offer and holders of Delegat's capital notes on 24 March, the report added.