IPO Watch: ASIC just put the brakes on Aust Nutrition & Sports’ listing
The corporate regulator has put the Australian Nutrition & Sports (ASX:AN1) IPO on hold.
ASIC issued an interim stop notice two days after the offer closed.
The company was tentatively booked in to list today.
An interim stop order is issued when ASIC thinks:
“To use a stop order, we must also believe that the situation is materially adverse from the point of view of the investor,” the regulator explains.
Australian Nutrition & Sports has been contacted to reveal the reason for the delay.
The Victorian-based company markets milk formula for kids aged 12 months and under and adults over 50, as well as a range of protein products including powder, shakes, bars and something called “rapid energy gels”.
It’s eyeing the China market for the majority of sales.
It wanted to raise $8m by selling 40 million shares at 20c each, aiming for a market capitalisation of $19.2 million.
The company’s sales revenue jumped by 92 per cent in the 2018 financial year, to $419,260, but its full-year loss blew out by 133 per cent to $2 million, as design, staff, admin and marketing costs rose considerably.