Queensland-based seafood firm Sam's Seafood is looking unlikely to secure the A$8m through its forthcoming stock market float it had hoped to raise to fund expansion.

While the final figures have yet to be calculated, the offer was not oversubscribed when it closed on 14 December.

Nick Noutsatos, CEO of Sam#;s, insisted however that the company hd done well considering the difficulties of launching in the current economic climate, and revealed that more than the A$3m had been raised. This figure is important because it is the minimum required to list on the Australian Stock Exchange.

Noutsatos added that the company will still be able to fund proposed expansion plans and pay for listing costs with the money that it now expects to raise.