Themomix NZ/Aus distributor backed My Foodie Box to list on ASX Friday 7 January at 11.30am AWST

My Foodie Box

MEDIA RELEASE
6 January 2022                                                                                                                                                  

Themomix NZ/Aus distributor backed My Foodie Box to list on ASX Friday 7 January at 11.30am AWST

Highlights:

• My Foodie Box to commence trading on the ASX on Friday 7 January 2022 at 11.30am am AWT under the code MBX
• Listing follows a successful IPO which was oversubscribed and raised $6 million through the issue of 30 million shares at $0.20 per share
• Strong support with Magnet Investments, the parent company of sole Australian and New Zealand Thermomix® distributor, holding ~15% of the Company following a strategic cornerstone investment
• My Foodie Box is a food and logistics technology business focused on providing meal kits to Western Australian households using local ingredients sourced from ethically responsible local farmers and producers
• The Company operates in the meal kit market, which sits within the intersection of the large and growing groceries, takeaway and restaurant markets.  The online grocery market was estimated to be $7.1bn in Australia in 2021, growing 46.2% in that year[1]
• The Company is seeking to expand its operations and product offering to become a broader e-commerce business
• Since commencement of operations in 2019, the Company has grown from 35 subscribers to now in excess of 1,650 active subscribers
• Funds from the IPO will primarily be used for the  Company’s growth strategy, including enhanced marketing activities and development of the Company’s technology platform
• Based on $0.20 per share offer price, MBX will have a market cap at listing of ~$13.4 million (undiluted)

My Foodie Box Ltd (ASX:MBX) (“MBX” or the “Company”) a rapidly expanding food technology business focused on preparing and delivering meal kits has closed its oversubscribed IPO, raising A$6 million (before costs) and will commence trading on the Australian Securities Exchange (ASX) on Friday, 7^th January 2022 at 11.30am AWST.

Funds raised from the IPO were through the subscription of 30 million shares at an issue price of $0.20 per share, with the Company receiving substantial support from existing and new investors.

Notably, the Company welcomes Magnet Investments Pty Ltd (“Magnet Investments”) as a substantial shareholder, holding approximately 15% of the Company following a strategic cornerstone investment.

Magnet Investments is the parent company of The Mix Australia Pty Ltd (“The Mix Australia”), the sole Australian distributor of the Thermomix® kitchen appliance to the Australian and New Zealand markets.

The Mix Australia was introduced to the Company following opening of the Offer and, since that time, the parties had various discussions on how a relationship could be mutually beneficial, including cross-selling and cross-pollination of each businesses subscriber bases, joint product development and joint marketing efforts. The details of a strategic partnership will be negotiated and announced when concluded but synergies and benefits were immediately obvious to both parties.

The parties consider the investment to be a significant first step towards establishing a strategic long-term relationship. However, investors should note, at this stage, Magnet Investments has only formally agreed to invest under the Offer and there is no certainty of any further collaboration.

About My Foodie Box

MBX is a food technology business focused on preparing and delivering meal kits to customers in Western Australia, with intentions to expand both its offerings and its markets.

The Company sources, prepares and delivers quality, local ingredients straight to the doorsteps of its customers, aided by its technology platforms. With a focus on provenance, the Company’s meal kits are sourced from ethically responsible local farmers and producers and delivered in compostable, recyclable and reusable packaging.

The Company spent its formative years on research and development and building its ecommerce platform and supporting systems required for operations.

Full trading operations commenced in January 2019 with 35 subscribers. Since this time, MBX has grown rapidly and the Company now has in excess of ~1,650 active subscribers, delivering on average ~1000 boxes per week.

The meal kits are offered on a weekly subscription-based model with the price per meal ranging between approximately $8 to $13 plus a standard delivery charge. In addition to meal kits, customers can also add staple pantry items (such as milk, eggs, olive oil, butter and salt and pepper) as well as add-on fruit and snack boxes to their delivery.

The meal kits segment is an emerging market which has seen Australians increasingly shift their grocery habits to incorporate meal kits which are a convenient, healthy and environmentally friendly alternative.

The meal kit market is comparatively young compared to the established groceries, takeaway and restaurant markets and its exact size is more challenging to forecast. However, the online grocery market in Australia (a subset of the grocery market) was estimated to be valued at $7.1bn and grew 46.2% in 2021[2].

For more details go to: https://www.myfoodiebox.com.au

Commenting on the ASX listing, My Foodie Box Executive Director and Chief Executive Officer Parisrat (Mai) Hughes said:

“Through our exceptionally strong meal kit offering and our deployment of technology, My Foodie Box is a highly scalable business that entered the Australian market at the right time. We are very pleased with the significant investor interest we have received to date – particularly from our cornerstone investor Magnet Investments – which will enable us to further accelerate our strategic plans. 2022 promises to be another massive year for My Foodie Box and I would like to welcome all of our new investors on this exciting journey.” 

Kaai Capital and Prenzler Group were Joint Lead Managers to the Offer. 

For further information on the IPO, including accessing a copy of the Prospectus please visit: https://www.myfoodiebox.com.au/investors/

ENDS

For more details, please contact:

Media

David Tasker

Managing Director

Chapter One Advisors

E: [email protected] 

T: +61 433 112 936