- YouFoodz (YFZ) has listed on the ASX, following a $70 million initial public offering (IPO)
- The company produces ready-made meals, snacks and drinks and delivers directly to consumers and businesses
- Under the IPO, shares were issued at $1.50, giving the company a market capitalisation of $201.9 million upon listing
- Founder, Managing Director and CEO Lance Giles said the funds from the IPO will support the company’s growth strategy of expanding its product offerings across Australia
- Additionally, YouFoodz is planning to construct a purpose-built manufacturing facility in Brisbane
- Late in the session, shares have been trading 22 per cent lower at $1.17
YouFoodz (YFZ) has listed on the ASX, following a $70 million initial public offering (IPO) at $1.50 per share.
The company produces and delivers ready-made meals, snacks and drinks directly to consumers and businesses.
Upon listing, YouFoodz had circa 134.6 million shares on issue and a market capitalisation of $201.9 million.
Founder, Managing Director and CEO Lance Giles said the funds from the IPO will provide the company with greater financial flexibility to pursue its growth strategy.
“Today marks a significant milestone for Youfoodz and for our mission to make it easy for all Australians to access fresh and healthy ready-made meals with quality ingredients sourced from local growers.”
“Youfoodz’ growth strategy is focussed on expanding our product offering across Australia and continuing to drive category growth in both the B2C and B2B segments of the fresh, ready-made meal market.”
“In addition, the company is currently in discussions with developers to construct a new purpose-built manufacturing facility in Brisbane which will drive increased manufacturing automation that will unlock operational efficiencies for the business,” he added.
At present, YouFoodz operates three facilities in Brisbane, which combined produce more than 350,000 ready-made meals, 80,000 snacks and 25,000 drinks per week.
Shares have been trading 22 per cent lower at $1.17 at 2:37 pm AEDT.