- Premium food, beverage and ingredient company Forbidden Foods (FFF) has listed on the Australian Securities Exchange
- It follows an Initial Public Offering (IPO), which included 30 million new shares at 20 cents each which raised $6 million
- Forbidden Foods was founded in 2010 and sells products across its Forbidden, Sensory Mill and Funch brands in Australia as well as to customers in New Zealand, Ireland, Singapore and the United States
- The company is launching a new Funch range of Australian sourced and manufactured baby food products for domestic consumption and export
- It then intends to focus on new product lines, increasing penetrating in existing markets and expanding further internationally
- Shares closed flat at 36.5 cents
Premium food, beverage and ingredient company Forbidden Foods (FFF) has listed on the Australian Securities Exchange.
The company made an Initial Public Offering (IPO) which raised $6 million via the issue of 30 million new shares at 20 cents each.
Based on the IPO, Forbidden Foods has a market capitalisation of $15 million.
The company was founded in Australia in 2010 and sells products across three brands: Forbidden, Sensory Mill and Funch. Forbidden Foods also has customers in New Zealand, Ireland, Singapore and the United States.
Funds from the IPO will also allow the company to consider new product lines, deepen its foothold in existing markets and further expand internationally as co-founder and CEO Marcus Brown explained.
“We expect the demand for healthy ‘better for you’ and plant-based food products to only increase, and we believe Forbidden Foods is well placed to establish and grow market share in our targeted sectors of the food and beverage industry," he said.
“From the start, we established Forbidden Foods as a globally oriented, internationally scalable business. We have focused on developing an asset-light, flexible production model through which we outsource manufacturing and packaging to groups with high-quality facilities and operational expertise," he added.
Currently, Forbidden Foods is launching a new Funch range of baby food products, sourced and manufactured in Australia, for domestic consumption as well as export.
“Having successfully completed our IPO, we now plan to grow our brands’ accessibility at key retail touchpoints in supermarkets, specialty organic and health food outlets as well as through our e-commerce channels," Marcus told the market.
FFF shares closed flat today at 36.5 cents.