Jenha White
Monday 9th November 2009 |
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Hamilton-based natural sweetener manufacturer BioVittoria today launched a prospectus for a $20 million initial public share offering for its zero-calorie natural sweetener PureLo to fund its on-going commercialisation.
PureLo is a natural zero-calorie sugar substitute made from Luo Han fruit. It holds the potential to replace sugar and artificial sweeteners as an increasingly health conscious world moves towards more natural ingredients.
The company's business model features a vertically integrated value chain which goes from plant seedlings to finished product.
Six years has been spent developing the supply chain to satisfy the requirements of the world's largest food and beverage companies and PureLo is now ready to enter the estimated US$50 billion sweetener market.
BioVittoria is forecasting 2013 revenues of US$35 million with forecast earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$6.8 million by March 31, 2013.
The company will at the conclusion of the issue make application to list on the NZX's main board.
The issue of 20 million shares at $1.00 each is open for two weeks and closes on November 25.
All issue proceeds will be retained as new equity and no existing shareholders are selling into the initial public offering (IPO).
McDouall Stuart Securities is the lead manager and organising NZX participant of the share offer.
BioVittoria completed an $11 million capital raising in 2008 to fund its factory which was completed earlier this year and includes amongst its investors Endeavour Capital, the New Zealand Venture Investment Fund, ACC and Sir Stephen Tindall's K1W1 fund.
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