My Food Bag plans to sell up to 185 million shares in an initial public offer that values the meal kit company at just under $450 million
The company has filed its product disclosure statement and says it aims to list on the NZX and ASX on March 5.
The shares will be priced at $1.85 each, implying a post initial public offering market capitalisation of $449m.
Up to $342m will be raised under the IPO. The offer includes 155.3m existing shares (64.1 per cent of the company) and 29.6m new shares.
Money raised will be used to repay bank debt and pay transaction costs. Existing shareholders, including funds controlled by private equity firm Waterman Capital, will retain at least 23.7 per cent ownership of My Food Bag after the offer.
Companies Office records show the Waterman Fund 3LP owns 70 per cent of the company having invested in October 2016.
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