Today marks a significant milestone for New Zealand well-known brand, My Food Bag, as it lists on the NZX Main Board and ASX following a successful initial public offering (IPO).
Since its inception in 2013, My Food Bag has had eight fruitful years in the online food delivery business and is the country’s longest standing meal kit provider. Supported by a nationwide delivery network, My Food Bag services around 86% of the New Zealand population.
Led by Chapman Tripp Partners, Rachel Dunne and Joshua Pringle, Chapman Tripp advised My Food Bag on all aspects of its IPO and NZX and ASX listings. Priced at $1.85 per share, My Food Bag’s implied post IPO market capitalisation is $449m – it is the largest IPO by offer size on the NZX since 2014.
“We have greatly enjoyed working so closely with the My Food Bag team whose passion for the business shone through every step of the way. As the largest NZX IPO in almost a decade, we hope that My Food Bag’s listing heralds a resurgence in New Zealand’s IPO market” says Dunne.
The Chapman Tripp team were an essential part of our successful path to IPO. Their experience and commitment over many months has been invaluable.Kevin Bowler, CEO of My Food Bag
Other key members of the Chapman Tripp team advising My Food Bag were Partner Graeme Olding, Senior Associate Philip Ascroft, Senior Solicitor Kit Adamson and Solicitor Kate Roberts-Gray.
Jarden and Craigs Investment Partners acted as Joint Lead Managers to the IPO, advised by Russell McVeagh.