Listed as BUB, the manufacturer raised $5.15 million to develop and market the business and provide working capital for sustainable growth. Share rose by over a third on the first day of trading, jumping from 10 cents to 13.5 cents.
Commercial director for infant formula Nicholas Simms says the listing was a key step in the transformation of Bubs both in Australia and internationally.
“Listing on the ASX provides Bubs with an excellent foundation from which to grow our business,” he said. “We are in an attractive segment with a scalable platform to take advantage of future opportunities, especially in relation to the strong appetite for high quality Australian food products across China and Asia.
Kristy Carr, executive managing director and founder of Bubs, said the company was pleased with the first day of trading.
“We appreciate the tremendous support the capital raising and relisting has attracted from new and existing retail and institutional investors who share our vision and belief in the future of the fast growing infant and organic food segment,” she said.
“We are now well placed to grow our presence in the Australian market, which already includes nationwide ranging in Coles supermarkets, together with expanding our Asian footprint and e-commerce business into China.”