Marley Spoon, a Berlin-based meal kit company, has announced to raise AUS$70 million ($53.6 million) through an IPO for an issue price of $1.5 ($1.14) per CHESS Depositary Interests (CDIs), according to a disclosure on the Australian Stock Exchange (ASX).
CDIs are a type of security used by the ASX to allow international companies to trade on the local market.
The company, which plans to be listed on ASX on July 2, 2018, is expecting to close the offer on June 14. The financing raised could give the company a market capitalization of around $152 million.
The company is looking to use the IPO proceeds to expand its customer base.
Marley Spoon joins other Germany-based meal kit providers HelloFresh and Delivery Hero to tap the public markets. While HelloFresh raised $421 million from its IPO in November 2017, Delivery Hero listed on the Frankfurt stock exchange in 2017, raising about $530 million from an IPO at a valuation of $5 billion.
Established in 2014, Marley Spoon delivers the recipe and pre-portioned ingredients to simplify the purchase and the making of a home cooked meal.
After setting up its brand in Australia in 2015, the company has since expanded to the Netherlands, Belgium, Germany and the U.S. Australia accounts for 37 per cent of Marley Spoon’s revenue.
The company previously raised over $40 million from Quasar Discovery Ventures, Lakestar, Kreos Capital, WestTech Ventures and TA Ventures.
Post IPO, the company’s current management and existing investors will represent 66 per cent holding in Marley Spoon.
The company claims it has 111,000 active customers and has delivered over 14.5 million individual meals and developed 9000 recipes.
“As we continue to experience strong growth in our markets, in particular the Australian market, we believe an ASX-listing provides the ideal platform to build our major consumer brands – Marley Spoon, Martha & Marley Spoon, and Dinnerly – for the coming years,” said Marley Spoon chief executive officer Fabian Siegel, as quoted by the Business Insider Australia.
Macquarie Capital (Australia) Limited and Canaccord Genuity (Australia) Limited will be acting as underwriters for the IPO.
Marley Spoon founders Fabian Siegel and Till Neatby have previous experience in the food and beverage sector. While Siegel led online food delivery platform Delivery Hero, Neatby founded food & beverage strategic consultancy firm, MexAttax.
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