Keytone Dairy had a strong debut on the Australian Stock Exchange (“ASX”) on 18 July 2018. Its shares commenced trading to strong investor appetite, closing the day 80% up from the list price of $0.20.
The Company closed its ASX Initial Public Offering (“IPO”) on 11 July 2018. Demand for Keytone Dairy’s shares significantly exceeded the planned fund raising of A$12 million as well as the oversubscription level of A$15 million, being multiple times oversubscribed at the upper end of the subscription range. As a result, substantial scale backs were applied.
Funds raised from the IPO will be used to, among other things:
- expand Keytone Dairy’s manufacturing base from its one existing facility (thus substantially expanding its production capacity);
- expand Keytone Dairy’s product range;
- expand Keytone Dairy’s existing distribution network; and
- develop distribution in additional geographic markets.