Mort & Co., Australia’s largest independent beef cattle lot-feeding company, raised a pre-IPO investment of $16.2 million through the country’s significant investment visa (SIV) program, according to Australian Financial Review.

The investment, consisting of funds from wealthy individuals from China, Singapore, and Australia marks the largest-ever agricultural investment made through the SIV program, which grants resident status to foreign investors in exchange for a $5 million investment – of which, $500,000 must be invested in Australian venture capital or growth private equity funds dedicated to startups and emerging companies. The government expects to increase this threshold to $1 million per investment as the market responds, according to the Austrade website.

The current renaissance being seen in the Australian cattle sector has driven Mort & Co. to decide to list the company in 2017 with a value of $175 million. Currently the company sells 180,000 head of cattle per year, but there are plans to increase annual sales numbers to 225,000 from its three rural properties stretching across approximately 10,000 hectares in Queensland and New South Wales.

“It has been something we have been looking at for a while,” Mr. Mort told The Australian Financial Review. “Supply is tight but all our feedlots are full, if that says something. I think the beef markets are strong. I think beef-producing properties will also remain strong.”

Moelis Australia Asset Management which has been secured to handle the float has confirmed that a pre-IPO investment has been made in Mort & Co. through its Moelis significant investment visa (SIV) venture capital fund.

“Our Chinese and Australian investors see Mort as providing an outstanding opportunity to capitalise [sic] on the rapid growth in demand for beef in China and elsewhere in Asia. They are believers in the Free Trade Agreement only accelerating this demand”, said Moelis executive director Enda Stankard, according to AFR.

The company plans to use the fresh capital gained through the IPO to fund the expansion of its feedlot assets, expanding the company’s operating capacity by 25% to better meet the growing Asian demand for Australian beef,reports Beef Central.

Moelis & Co., including its executives and its existing managed funds will be a ‘cornerstone’ investors in Mort & Co. with an initial commitment of $5 million. However, Beef Central reports that management that currently holds a significant share in Mort & Co. and other significant existing investors will not be selling down their stakes as part of the float.