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Thursday 30 June 2022

My Food Bag says interest “strong” after institutional bookbuild completes

23rd February 2021 By Staff Reporter | news@foodticker.co.nz | @foodtickernz

My Food Bag says it has completed its institutional bookbuild with investor interest in the company’s public listing “strong”.

The meal kit delivery company said its bookbuild was fully subscribed with interest from New Zealand, Australian and other international institutional investors.

“It’s great to see strong interest from such a broad institutional investor base,” My Food Bag chair Tony Carter said on Monday.

The company was founded in 2013 by Cecilia and James Robinson and fronted by celebrity chef Nadia Lim. Waterman Private Capital’s Waterman Fund 3 LP is the major shareholder with about 66% and the balance is held by the co-founders and others, including senior management.

My Food Bag stock was priced at $1.85 per share for the institutional offer, indicating a post-IPO market capitalisation of $449m. The offer implied a price to FY22 earnings ratio of 22.4x and a gross dividend yield of 5.0%.

The company said customers and employees could still apply for shares via its Foodies Offer until 5pm Friday 26 February 2021. New customers who purchased a bag before 5pm Thursday 25 February would also be invited to participate in the Foodies Offer.

Chief executive Kevin Bowler said: “We believe that My Food Bag’s successful bookbuild demonstrates support for the growth strategy presented in the PDS [product disclosure statement].”

“We’re also delighted to see continuing interest coming from our foodies too.”

My Food Bag’s Priority and Broker Firm offers also close at 5pm Friday 26 February 2021.

The company is expected to dual list on the NZX and ASX on 5 March 2021.

 

 


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