Oliver's meets $15m target for its IPO
The first organic fast food chain in Australia has commenced trading of its ordinary shares on the Australian Securities Exchange (ASX).
The initial public offering raised the planned $15 million in three weeks at an issue price of $0.20 per ordinary share and was ultimately oversubscribed.
Mark Richardson, Oliver’s Chairman, said the Board welcomed the response from customers who will make up close to half of the shareholder base, while he said institutional investors who invested saw the value and growth prospects in the $0.20 offer price.
The money raised in the initial public offering will assist Oliver’s with the opening of an additional 13 stores on major arterial highways through the 2018.
“We are delighted to have completed the listing of Oliver’s shares, which will allow us to deliver on our expansion plans and address the most common question from customers; When are you opening near us?,” Founder and Chief Executive Officer of Oliver’s Jason Gunn said.
Oliver’s plans to invest a part of the capital raised in the IPO to expand its franchise by the end of the year in: Aratula, Cunningham Highway, QLD, Ballarat, Western Highway, VIC, Horsham, Western Highway, VIC, Coonalpyn, Dukes Highway, SA, Bulahdelah, Pacific Highway, NSW, and Port Macquarie, Pacific Highway, NSW.
Photo credit: Oliver's Real Food Facebook page
