Australian baby food company Bellamy’s Organic is set to float its business at the end of July and expects to raise up to A$25m (US$23m).
The initial offer price is A$1 per share and the company wants to use the funds to expand its export business.
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Bellamy’s supplies its certified organic product range, which includes infant and toddler formula to supermarkets across Australia. It also exports to China, Hong Kong, Taiwan, Singapore, Malaysia and New Zealand.
The firm said it would focus on expansion in Asia with the raised capital “particularly China and South-East Asia” as “these markets will best facilitate its growth”.
Deeper penetration into existing Asian markets and expansion into other new markets would be its aim, as well as raising brand awareness by introducing new range extensions outside the baby category.
The offer, open only to Australian investors, is expected to close on 14 July.
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By GlobalData
