07/01/2022 - 15:09

My Foodie Box delivers on listing

07/01/2022 - 15:09

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Maylands meal kit business My Foodie Box closed its first day on the ASX up 25 per cent on its initial public offer price.

My Foodie Box delivers on listing
My Foodie Box chief executive Mai Hughes and executive chair Bryan Hughes.

Maylands meal kit business My Foodie Box closed its first day on the ASX up 25 per cent on its initial public offer price.

The e-commerce meal kit business was founded by husband-and-wife duo Bryan and Mai Hughes as a WA contender during the emergence of the food box delivery marketplace in Australia in 2017.

Trading under the ticker MBX, the company landed on the stock exchange today with 30 million shares on its register on the back of a $6 million IPO.

The raise was backed by Magnet Investments, the parent company of The Mix Australia, the sole Australian distributor of the Thermomix kitchen appliance to the Australian and New Zealand markets.

It holds approximately 15 per cent of the company following a cornerstone investment.

MBX also hinted at a potential strategic long-term partnership between the parties, but noted Magnet had only invested under the offer at this stage and there was no guarantee of further collaboration.

Shares were offered to investors at 20 cents apiece and began trading at 11:30am at 25.5 cents each.

MBX reached a high of 26 cents before dropping to 24 cents to eventually close the session at 25 cents flat.

In listing, the company joins one of several food delivery companies who have joined the exchange including Marley Spoon, New Zealand's My Food Bag and YouFoodz, which was later acquired by HelloFresh.

My Foodie Box executive director and chief executive Parisrat (Mai) Hughes said the business entered Australia at the right time.

“We are very pleased with the significant investor interest we have received to date – particularly from our cornerstone investor Magnet Investments – which will enable us to further accelerate our strategic plans,” Ms Hughes said.

“2022 promises to be another massive year for My Foodie Box and I would like to welcome all of our new investors on this exciting journey.”

Mr Hughes is the company’s executive chair.

Kaai Capital and Prenzler Group were joint lead managers to the offer.

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