Offer Price per Share
$1.53 Total proceeds of the Offer
$81.3 million Indicative market capitalisation at Completion
$283.6 million
Company Overview
Step One's business model is centred on the following key components:
Innovative combination of product features: 3D elastic crotch pouch > UltraGlydeTM panels to stop chafing and ride-up > organic bamboo material
Sustainable and ethical focus: organically grown bamboo > fair working conditions and wages > compostable packaging
Successful marketing strategy and in-house content: regular colour releases > over 10m website sessions > average conversion rate 7.8% > over 832,000 customer orders (growth of 182% from FY2020)
Delivering an outstanding online customer experience: over 40,000 5-star reviews
Use of Proceeds
Inventory investment ($15.7m)
Advertising and expenditure for US market entry ($12.1m)
Corporate and public company costs ($3.4m)
Costs of the Offer ($7.0m)
Proceeds to SaleCo ($41.3m)
Investment Highlights
Cash flow positive & innovative product with an ESG focus
High recent growth in Australia & UK markets with US expansion planned for future growth
100% online direct to consumer business model
100% brand owned & flexible manufacturing process
Highly focussed, content driven digital and marketing strategy
