Oliver's Real Food initial public offering opens
Oliver’s Real Food Limited opened its IPO of ordinary shares in order to list on the Australian Securities Exchange (ASX).
The initial public offering is for up to 50 million fully paid ordinary shares in Oliver’s Real Food Limited at an issue price of $0.30 per ordinary share to raise up to $15 million.
Mark Richardson, Oliver’s Chairman, said the Board was pleased to offer investors the opportunity to participate in the future of an Australian success story.
“From the first two locations opening near Wyong NSW, in 2005 and 2006 respectively, Oliver’s has become the world’s first organically certified fast food chain,” Mark Richardson said.
“Oliver’s now has 20 locations on arterial highways of Australia supported by an efficient logistics and supply operation, dedicated central kitchens, loyal suppliers and our own proprietary OliVerse technology system.”
Oliver’s currently serves over two million customers each year, including commuters on arterial roads, families, business people, local residents, truck drivers and holidaymakers.
The Company is leveraging the rapid growth in consumer wellness preferences, coupled with growth in highway traffic. Proceeds from the Offer will be used to fund the acquisition or development of new stores already identified along the New South Wales, Victorian, Queensland and South Australian highways. Oliver’s is expected to have annual store sales next financial year of approximately $42 million.
Oliver’s sources fresh produce primarily from the fresh food markets in Victoria and New South Wales and through direct contracts with Australian farmers. Ninety per cent of what it sells is branded Oliver’s and more than 50 percent is certified organic. Certified organic produce has been one of the differentiating factors behind customers choosing to eat at Oliver’s over other fast food outlets.
“At Oliver’s, we are passionate about nutrition and the benefits of eating well. We realise that some of the food choices we make each day have a huge impact on our personal health, as well as the health of our planet,” Jason Gunn, Founder and Chief Executive Officer of Oliver’s, said.
“Oliver’s healthy food authenticity has been recognized by the Australian Certified Organic (ACO) standard certification which has resulted in Oliver’s becoming Australia’s “first Certified Organic fast food chain”, something we are very proud of.
“We’re excited about the IPO, welcoming new shareholders and realising the future growth opportunities the IPO and ASX listing presents to Oliver’s for new store openings and optimisation of our existing store network,” Jason Gunn said.
The Offer will be made by Oliver’s Real Food Limited pursuant to the prospectus lodged with ASIC on 17 May 2017. Anyone considering investing in the offer should read the Prospectus carefully and in its entirety before deciding whether to apply for Shares and complete the online application form or the application form that accompanies the prospectus.
Each of the Oliver’s Directors, including each of the founders, is a Shareholder and has entered into a two year escrow period. There is no sell down by the existing Shareholders. The Prospectus is available in electronic format at www.oliversrealfood.com.au/investors.
RSM Corporate Australia Pty Ltd Limited is the financial advisor to Oliver’s, Veritas Securities Limited are the Lead Managers to the Offer and Norton Rose Fulbright Australia has acted as Oliver’s legal counsel.
