Australia-based ready-meals business Youfoodz has raised AUD70m (US51.9m) in an IPO on the Australian Securities Exchange (ASX).

The Brisbane business, established in 2012, said the money raised by going public will provide it with the funding to support its growth strategy.

Youfoodz, which specialises in the production and distribution of fresh, ready-made meals and other convenience food products, has an omni-sales strategy with more than 850,000 home-delivery consumers as well as retail and corporate clients.

It has relationships with some of Australia’s largest grocery chains.

It commenced trading on the ASX today (8 December) after completing its IPO, which attracted demand from domestic and international institutions, retail investors and existing shareholders. 

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Youfoodz said it remains on track to meet its 2021 fiscal year forecasts, including net revenue of AUD149.9m.

Company founder, managing director and CEO Lance Giles said: “Today marks a significant milestone for Youfoodz and for our mission to make it easy for all Australians to access fresh and healthy ready-made meals with quality ingredients sourced from local growers.

“The successful IPO has provided us with funding and flexibility to support our growth strategy. Youfoodz’ growth strategy is focused on expanding our product offering across Australia and continuing to drive category growth in both the B2C and B2B segments of the fresh, ready-made meal market.”

Youfoodz added it is in discussion with developers to construct a new purpose-built manufacturing facility in Brisbane. The site will see manufacturing automation increase to unlock “operational efficiencies” for the business.