IPO values My Food Bag at nearly $450m
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MY Food Bag plans to sell up to 185 million shares in an initial public offer that values the meal kit company at just under $450 million.
The company has filed its product disclosure statement and says it aims to list on the NZX and ASX on March 5.
The meal kit company's shares will be priced at $1.85 per share, implying a post initial public offering market capitalisation of $449 million.
Up to $342 million will be raised under the IPO. The offer includes 155.3 million existing shares (64.1% of the company) and 29.6 million new shares.
New funds raised will be used to repay bank debt and pay transaction costs. Existing shareholders, including funds controlled by Waterman Capital, will retain at least 23.7% ownership of My Food Bag following the offer.
My Food Bag says more than 10,000 customers and team members have registered to receive a priority allocation in the IPO.
Australian investors were also targeted.
Fund managers Milford Funds, Harbour Asset Management and Investment Services Group have committed to bid for holdings of at least 5% of the company.
My Food Bag chairman Tony Carter said new funds would provide the business with flexibility to pursue its growth strategy. — The New Zealand Herald