Nuchev locks in $48.7 million IPO

Street Talk

Goat milk infant formula company Nuchev has completed its IPO raising and will hit the ASX boards on December 9.

Nuchev CEO Ben Dingle. Wayne Taylor

The company raised $48.7 million at $2.60 a share in a bookbuild on Tuesday.

Wilsons was bookrunner and lead manager on the deal. Reunion Capital Partners was an independent advisor.

It is understood buyer interest came from private wealth investors and institutions.

A prospectus was expected to be lodged with ASIC on Wednesday for the underwritten deal.

It’s the second small shot in the arm for Australia’s IPO market – Nitro Software also secured its $110.2 million IPO on Tuesday.

The pair bucked the failed IPO trend that has seen listings including Latitude Financial Group, PropertyGuru, Onsite Rental Group and MPC Kinetic flop.

Things looked good for Nuchev when Street Talk revealed earlier this week that it had upsized its deal and brought the bookbuild forward by two days.

Nuchev develops, markets and sells goat milk infant formula to consumers in Australia, China and Hong Kong. It was founded and is run by Synlait co-founder Ben Dingle.

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