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My Food Bag is selling shares at $1.85 each, valuing the meal kit delivery company at about $450 million.
My Food Bag’s well-known brand and extensive marketing is expected to help the $450 million meal kit delivery company get enough support to list on the sharemarket next week, even though some brokers and investors don’t think it stacks up. The company wants to raise as much as $342m through an initial public offering and list on the NZX and ASX on March 5. It’s enlisted the help of three broker firms, its mailing lists of current and past customers, and advertisements on TV and YouTube to help it market the sale.
Biggest NZX listing since 2014: Can My Food Bag deliver?
22 Feb, 2021 04:00 PM
6 minutes to read
My Food Bag chairman Tony Carter (left) and chief executive Kevin Bowler. Photo / Supplied
Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw
My Food Bag s initial public offer is set to usher in the biggest NZX-listing since Genesis Energy went public in 2014. The meal kit company will list on the NZX and ASX on March 5, pending the sale of up to 185 million shares in an IPO that values it at just under $450 million.
The shares have been priced at $1.85 each with most of the $342m proceeds going to existing shareholders selling down their holdings. Only $55m will go to the company, of which $38.2m will repay bank debt and $16.7m will fund the IPO costs.
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