Drink up! Hydralyte gears up for ASX listing
Feb 8, 2021 – 9.31pm
Here’s something to quench the initial public offering thirst of small-cap fund managers.
Hydralyte’s hydration products are used by athletes to replace electrolytes lost through sweat.
Street Talk understands home-grown hydration products maker Hydralyte is gearing up for a run at the ASX boards in the second half of this year.
The company has drafted in BW Equities to help it on a $5.15 million convertible note raising to get some cash in the door, before it returns with its IPO later this year when it will snare up to $15 million.
Hydralyte’s strategy is all about overseas markets.
The company had locked up the Australian hydration products market before it sold the local licence to produce its products to Prestige Brands in 2014, while retaining the rights to Hydralyte in the Americas, Europe and China.
Since then, the company has switched its focus to those overseas markets, and is leaning on a heavy-hitting board including ex-Swisse Vitamins CEO Radek Sali and former Goldman Sachs banker Adam Gregory to help deliver on its international strategy.
Sali and Gregory jumped behind Hydralyte in 2017, with cash from their Light Warrior investment fund.
The best friend to a hangover, Hydralyte’s hydration products come in effervescent tablets or powder to mix with water, as well as a pre-mixed bottled variety and frozen ice blocks.
The company is targeting $US1 million monthly revenue this year from its United States operations, and started 2021 with a $US6 million annual revenue run-rate.