- Nutritional Growth Solutions (NGS) is the latest consumer stock to join the ASX after a $7 million IPO
- The Israeli company, which creates protein drinks to help kids grow taller, issued over 35 million shares to list before the weekend
- Investors could buy into the company’s IPO at 20 cents a pop, in a raise which Nutritional Growth said was heavily oversubscribed
- Ultimately, NGS found success on its first day of trade: the company closed up 52.5 per cent, trading for 30.5 cents each on the ASX
- NGS shares head into next week worth just over 30 cents
Nutritional Growth Solutions (NGS) is the latest consumer stock to join the ASX after a $7 million IPO.
The Israeli company, which creates protein drinks to help kids grow taller, issued over 35 million shares to list before the weekend.
Investors could buy into the company’s IPO at 20 cents a pop, in a raise which Nutritional Growth said was heavily oversubscribed.
Ultimately, NGS found success on its first day of trade: the company closed up 52.5 per cent, trading for 30.5 cents each on the ASX.
Moving forward, the nutritional drinks developer will use the funding to advance its sales and marketing initiatives. The cash injection will also help the company as it develops its brand portfolio and launches new products.
NGS’s formulations are available in the U.S., Israel and India, but the company has disclosed it intends to launch new products in the coming months.
“We are very appreciative of the strong support shown by investors during the IPO process,” said Managing Director and CEO Liron Fendell.
“I am thankful for the opportunity to bring our nutritional solutions to more children around the world. NGS operates in large and growing international markets and we look forward to executing on the broad range of
commercial opportunities that we have identified,” she explained.
Echoing her comments, Nutritional growth Non-Executive Chairman Brian Leedman said, said he looked forward to working with the team to make investors aware of “the exciting revenue growth opportunities that await the company.”
NGS shares head into next week worth just over 30 cents.