21 November 2019 | Corporate Finance
The IPO raised $48.7 million at an offer price of $2.60 per share, which values Nuchev at a market capitalisation of $117 million.
Nuchev is an Australian-based, globally-orientated food business with a dedicated focus on developing and selling a range of premium Australian made goat nutritional products. Nuchev’s primary products are its Oli6 branded goat-milk infant formula (GIF) range, which is sold across multiple sales channels in Australia, China and Hong Kong. Management believes Nuchev is well-placed to seize a market-leading position in the rapidly growing and significant GIF market, where there is increasing awareness of the potential health benefits associated with GIF supported by scientific research.
Nuchev has achieved strong growth in sales revenue since 2016 when sales first commenced, and is forecast to grow revenue by 89% to $18 million in FY20.
Wilsons’ Head of Corporate Finance Origination, Richard Sherman commented, “Wilsons is excited to have successfully completed the IPO of Nuchev on the ASX. Nuchev is a high quality and differentiated infant formula player, with a well-established brand and business model and an attractive global market opportunity. The business is led by founder Ben Dingle, and supported by a deeply experienced and high quality management team and Board of Directors. We are pleased to have partnered with Nuchev throughout the IPO process, and we look forward to working alongside Nuchev in the years to come”.
Nuchev is expected to commence trading on the ASX on Monday, 9 December 2019. For further information, please contact your Wilsons Advisor.