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My Food Bag considers listing on the stock market

My Food Bag is testing the waters ahead of a potential Initial Public Offering (IPO).

Source: 1 NEWS

From today, the business is offering its 315,000 customers and staff the chance to reserve an allocation of shares if it did proceed with plans to become a publicly listed company.

"If the business lists, customers and team members will have the chance to receive a priority allocation in the IPO, ahead of everyone else," My Food Bag chief executive Kevin Bowler said.

"Since inception, our customers have been at the heart of everything the My Food Bag team does. So, it makes sense to prioritise our customers and team members, as we consider this next milestone in the business."

The level of interest it receives could swing My Food Bag's decision to dual-list on the New Zealand and Australian stock exchanges, he said.

The company, which was purchased by a private equity firm four years ago, had flirted with the idea of going public since it was founded back in 2012.

Plans were resurrected late last year when it confirmed it had brought in several special advisers to look at future options.

Despite no decision being formally made, it had four appointed independent directors to the firm's board.

Bowler said if the business did list, it would do so in the first half of 2021.

In order to apply for an allocation of shares, customers have to register the unique code which had been sent to them before 1 March.

They would also have to buy at least one product before then.

rnz.co.nz