Nuchev IPO: Wilsons Outlook

14 December 2019

Wilsons acted as the Sole Lead Manager and Underwriter to Nuchev’s $117.0 m IPO.

Ben Dingle (Nuchev CEO), Justin Breheny (Nuchev Chairman), Anna Guan (Wilsons Research Analyst), Richard Sherman (Wilsons Head of Corporate Finance Origination).

Who are Nuchev

Nuchev Limited (ASX: NUC) is an Australian-based food business focused on the development and sale of goat infant formula (GIF) under the Oli6® brand across multiple sales channels in Australia and China.

The Transaction Overview

Wilsons acted as the Sole Lead Manager and Underwriter to Nuchev’s $117.0 m IPO which saw Nuchev list on the ASX on 9 December 2019. 

Wilsons’ Investment Highlights

Nuchev has a significant market opportunity in goat infant formula, with brand positioning as a goat specialist and differentiated products supported by research.

  1. Growing market opportunity for premium infant formula
    Global GIF market is forecast to grow at an estimated CAGR of 16.6% from A$6.3 billion in 2018 to A$13.6 billion by 2023, predominantly driven by the Chinese market.
  2. Oli6® goat formula is a credible, premium, differentiated product – supported by the science
    GIF offers natural health benefits to infants - RMIT University has published scientific laboratory studies supporting the potential health benefits of Oli6®.
  3. Oli6® is a trusted, Australian made and owned brand
    Oli6® brand benefits from the premium position of GIF, with growing awareness of GIF health benefits – attractive to Chinese mothers and channel partners.
  4. High quality, established supply chain and distribution network
    Quality and scalable supply chain – capital light model, with significant excess capacity, and supported by in-house experience and capability.
  5. Proven management and board with deep industry experience
    Founded and led by Ben Dingle, co-founder of Synlait Milk, and supported by a highly experienced management team and Board.
  6. Sales volume and revenue growth
    Nuchev has achieved historic sales volume and revenue growth.

Wilsons Commentary

“We are pleased to be able to bring Nuchev to the ASX. Wilson’s mission is simple – we are committed to our whole of firm approach to ensure a successful outcome for clients – every time. Our support in the listing of Nuchev supported this approach.”

- Rob Snow, Head of Corporate Finance

“Nuchev is a high-quality business, run by a highly experienced management team & board. Wilsons is very proud to have been involved and assisted Nuchev at IPO, and looks forward to partnering with the business in the years ahead.”

- Richard Sherman, Head of Corporate Finance Origination

Past performance is not a reliable indicator of future performance. For further information regarding Nuchev please consider the Prospectus at

For more information, get in touch: / (02) 8247 6645; / (03) 9640 3879


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