Forbidden Foods IPO goes live
Jul 20, 2020 – 12.09pm
Health food manufacturer and ASX-aspirant Forbidden Foods has opened its initial public offering.
Marcus Brown, left, and Jarrod Milani are the founders of Forbidden Foods.
The company’s advisor BW Equities blasted terms to funds on Monday morning and was calling for bids into the offer by 5pm on Tuesday next week.
Forbidden Foods is seeking to raise $6 million at 20¢ a share, which implied a $15 million market capitalisation for the business and enterprise value of $9 million, according to terms sent to funds.
Potential investors were told the money raised would be used for sales, marketing, product development and administration costs, as well as for general working capital.
Founded a decade ago, Forbidden Foods manufactures organic foods, healthy snacks and baby food. Its flagship black rice product is marketed as a superfood, with superior health benefits to normal rice.
The company kicked off an investor roadshow at the start of June and lodged its IPO prospectus on Tuesday last week.
All going to plan, the company would start trading on the ASX on the last day of August.