IPO Watch: The dairy formula crew is getting a new member as Australian Nutrition & Sports asks for $8m

IPO Watch Daniel Paproth
IPO Watch: The dairy formula crew is getting a new member as Australian Nutrition & Sports asks for $8m

BAHRAIN, BAHRAIN - APRIL 16: Geri Horner with baby Montague in the Paddock before the Bahrain Formula One Grand Prix at Bahrain International Circuit on April 16, 2017 in Bahrain, Bahrain. (Photo by Mark Thompson/Getty Images)

Keytone Dairy was the newest addition to the ASX’s crew of dairy formula makers, listing in July last year after a successful $15 million initial public offering.

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.

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