Priority was given to long-term, high-quality investors to ensure the quality of share register, she said. She couldn't immediately say how much money would be raised in the initial public offering (IPO).
Auckland-based Tegel planned to sell between 137.5 million and 192.4m shares at $1.50-to-$2.50 apiece, its product disclosure statement said.
The gross proceeds of the IPO would raise between $299.1m and $344.4m, of which $131.9m will be set aside to repay bank debt and between $129.6m and $163m will pay out existing holders of Tegel's redeemable shares.
The remaining $22.5m to $25.3m will cover IPO costs, including an $8m bonus for senior management.
Tegel forecasts a profit of $10m on sales of $581.1m in the year ending April 24, rising to a profit of $44m on revenue of $637m the following year, when it intends to pay a dividend of between 7 and 11 cents per share.
That implies a gross dividend yield of 6.2% to 7.1%.
Affinity intends to reduce its 87% stake to 45% after the offer, at least half of which will remain tied up in escrow arrangements until it announces its 2017 results.
The private equity firm will be allowed to sell up to 50% of its remaining stake before then if Tegel's shares spend 10 straight trading days at least 20% higher than the offer price, once the first-half results are posted.
Tegel will be the first IPO of the year after a sluggish 2015 that had a number of sales deferred in turbulent financial markets.
While private equity owners have attracted scepticism after the failure of consumer electronics store Dick Smith Holdings, investors have been more optimistic about the potential fortunes for Tegel.
