24/11/2021 - 13:31

My Foodie Box hungry for ASX listing

24/11/2021 - 13:31

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Pitcher Partners chair Bryan Hughes and his wife Mai are looking to take their fresh food box business to the Australian Stock Exchange via a $6 million IPO.

My Foodie Box hungry for ASX listing
Bryan and Mai Hughes. Photo: Gabriel Oliveira

Pitcher Partners chair Bryan Hughes and his wife Mai are looking to take their fresh food box business to the Australian Stock Exchange via a $6 million IPO.

The e-commerce meal kit business was founded by the pair as a WA contender during the emergence of the food box delivery marketplace in Australia in 2017.

Some four years later and the business has grown its active subscriber base from 35 to 1,650 and generates around $105,000 in revenue per week.

My Foodie Box, which will trade under the ticker MBX, is offering potential investors 30 million company shares at 20 cents apiece.

Existing customers will have the opportunity to apply under a priority offer with an accompanying allocation of $2,000 worth of shares each.

Over half of funds raised under the IPO will be spent on ramping up marketing efforts, with the remaining $3 million used to develop technologies, cover offer expenses and fund working capital.

The company will be helmed by Mai Hughes, who will be the company's executive director and chief executive. 

Mr Hughes will sit as executive chair and Guy Perkins will be appointed as a non-executive director. 

In lodging a prospectus, MBX joins one of five food delivery companies that have chased an ASX-listing in recent years.

These include German company Marley Spoon, New Zealand's My Food Bag and YouFoodz, which was subseqeuntly acquired by HelloFresh.

“We started MBX because we saw the need for a locally owned and operated entrant into the market,” company chair Mr Hughes said in the prospectus.

“With consumer patterns moving towards a preference for online food delivery and groceries being a non-discretionary spend we believe we are well placed to continue this growth.”

Mr Hughes said the company’s success in WA had provided a blueprint for expanding into other Australian cities and has flagged plans to enter more populated states as part of its post-listing growth strategy.

The placement will be led by Faldi Ismail's new business, Kaai Capital, and Sydney based Prenzler Group.

Mr Ismail set up Kaai after his former business Otsana Capital went into voluntary solvent liquidation in July 2020, with Mr Hughes appointed as liquidator. 

Steinepreis Paganin is acting as legal adviser.

My Foodie Box is set to commence trading on January 7 2022.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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