A US manufacturer and marketer of animal health and nutrition products is looking for suitable acquisition targets after receiving an eight-figure windfall through joining AIM.

Phibro Animal Health, which makes products for the poultry, pork and cattle markets, made $45 million (£22.4 million) on admission before costs.

The proceeds of the IPO, which have valued the New Jersey-based company at $345 million (£172.4 million), will be used to develop the business and reduce debt.

Phibro’s chairman and president Jack Bendheim said joining AIM enhances the business’ growth prospects. “The company is now positioned for the next stage in its strategy to be an even broader-based animal health and nutrition business, through organic growth and acquisitions.”

The company’s other activities include making and marketing performance products for the ethanol, wood preservation and personal care industries. The company has offices across South America, Europe, the Far East, South Africa, Australia and Canada as well as manufacturing sites in Belgium and Brazil.