ASX-listed infant formula outfit Bubs Australia has launched an equity raising to fund its acquisition of a stake in a Chinese manufacturing facility, as part of its joint venture with Chinese-listed group Beingmate.From
The company launched the $38.3 million placement and share purchase plan on Monday morning, with help from Bell Potter and PAC Partners.
The placement was pegged to raise $28.3 million and the share purchase plan would snare the balance, according to terms sent to funds.
The offer was priced at 80¢ a share, which represented a 12.6 per cent discount to Bubs' last close and a 15.8 per cent discount to the five-day VWAP.
Funds raised would go towards Bubs' fiscal 2021 growth plans, including investing in brand awareness and product innovation
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