IPO Watch: The dairy formula crew is getting a new member as Australian Nutrition & Sports asks for $8m
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If all goes well for Australian Nutrition & Sports, it will join them on April 3.
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”.
One of its third-party manufacturers has Certification and Accreditation Administration of the People’s Republic of China (CNCA) approval.
It is looking to raise $8 million by selling 40 million shares at 20c each, eyeing a market capitalisation of $19.2 million. It would list under the code AN1.
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.
Thomas Lashan is the CEO and collects $253,200 a year and the CFO Matthew O’Kane earns $200,000.
ANS says the funds raised will go towards sales and marketing costs, a rebrand of its “nutrition and fitness” ranges and boost its presence in Hong Kong.