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March 16, 2021updated 29 Oct 2021 3:54pm

Canada’s Nabati Global Foods raises funds ahead of proposed IPO

Canada's Nabati Global Foods is seeking a public listing after a fund-raising exercise to partly support the application.

Canada’s Nabati Foods Global has raised more than CAD7.7m (US$6.1m) through a private placement of so-called special warrants after taking over Nabati Foods Inc., a plant-based business serving North America.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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Vancouver-based Nabati priced the warrants at 50 Canadian cents each to partly fund the company’s proposed application to obtain a public listing on the Canadian Stock Exchange. It will also use the proceeds to develop the business, including a planned plant expansion and the purchase of new equipment.

The company said it has acquired Nabati Foods Inc. through a share-exchange agreement involving the issue of 14m common shares to the shareholders of the acquired business.

Nabati Foods’ chief executive Ahmad Yehya said in a statement: “This financing puts Nabati in an even more robust position to expand our production capacity to meet growing demand from grocery, foodservice, and industrial customers, while also supporting product development and innovation.

"Our team has put in the legwork to build a company with the highest quality plant-based products, and that commitment to quality is starting to pay off, with demand exploding over the past year."

Nabati's portfolio includes dairy-free cheesecakes, cheese alternatives, and plant-based meats and seafood such as faux chicken and fish burgers. All of its products, which are sold in Canada and the US, are free from gluten, dairy and eggs, are non-GMO and certified as vegan.

Executive chairman Don Robinson said Nabati plans to expands its presence across North America "and eventually into Europe, commensurate with the demonstrated interest from investors and customers".

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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