Shareholders cash out in My Food Bag IPO

Thu, 11 Feb 2021

My Food Bag’s initial public offer will raise just $50 million of new capital as existing shareholders cash up and head for the exit.The Kiwi meal-kit company, which is set to float on the NZX March 5, is being pitched to investors as a mature dividend-paying stock with limited growth plans, and little need for capital expenditure.The vast majority of the $342 million to be raised in the initial public offer will go towards buying the co-founders and Waterman Private Capital out of the business.Waterman will sell its 66 percent stake down...

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