- My Foodie Box (MBX) has begun trading on the ASX, rising 30 per cent during its first few hours of trade
- The meal kits and online grocery business debuted on the stock exchange on Friday after raising $6 million in an initial public offering (IPO)
- Under the IPO, a total of 30 million new shares were issued with each security attracting a price of 20 cents each
- MBX will use the funds raised to further its growth, with a particular focus on marketing and developing its technology platform
- Company shares were still up 25 per cent at 25 cents per share just before the end of the trading day
My Foodie Box (MBX) has begun trading on the ASX, rising 30 per cent during its first few hours of trade.
The online grocery business which offers meal kits to customers debuted on the stock exchange on Friday under the ticker code MBX.
The WA-based food company was added to quotation on Wednesday after raising $6 million in an initial public offering (IPO).
Under the IPO, a total of 30 million new shares were issued – with each security attracting a price of 20 cents each.
In its prospectus, My Foodie Box said it would use the IPO funds to help grow the business and advance the marketing and development of its app.
Co-Founder Bryan Hughes said he was excited to see the business expand.
“With consumer patterns moving towards a preference for online food delivery and food/groceries being a non-discretionary spend (and the second largest household expenditure item behind rent/mortgage repayments), we believe we are well placed to continue this growth,” he said.
“Our experience and success in Western Australia has given us the blueprint for expanding into other Australian cities.”
Company shares were still up 25 per cent at 25 cents per share just before the end of the trading day.