MFB - My Food Bag Group

[System]

My Food Bag is an online food delivery business and is synonymous with meal kits in New Zealand. The company is New Zealand’s longest standing meal kit provider and has delivered over 85 million meals to more than 300,000 New Zealand households since 2013.

My Food Bag offers the broadest range of meal kit bags in New Zealand under the My Food Bag, Bargain Box and Fresh Start brands, and has recently entered the ready-made meal market with the MADE brand.

It is anticipated that MFG will list on the ASX during March 2021.

My Food Bag - NZ's Simple, Healthy & Delicious Meal Kit

We're your answer to what's for dinner. With 30+ easy, delicious recipes and fresh locally sourced ingredients delivered to your door. Healthy & affordable. Farm to plate NZ produce. Quick and easy recipes. Free delivery.

www.myfoodbag.co.nz

 

[Dona Ferentes]

Listing date	5 March 2021 #
Company contact details	https://www.myfoodbag.co.nz Ph: +64 800 469 366
Principal Activities	Online food delivery business providing meal kits and ready made meals to New Zealand households
GICS industry group	TBA
Issue Price	$1.85
Issue Type	Ordinary Fully Paid Shares
Security code	MFB
Capital to be Raised	$342,250,000
Expected offer close date	26 February 2021
Underwriter	Not underwritten. Jarden Securities Limited and Craigs Investment Partners Limited (Joint Lead Managers)

(from the ASX; the Capital to be raised looks a bit high??)

 

[Dona Ferentes]

opened at $1.60 ............ => unhappy punters

 

[greggles]

opened at $1.60 ............ => unhappy punters

Food bags going cheap today. I admit when I saw this one my immediate thought was that it wasn't going to go well after listing. Also, stupid company names turn me off.

I know that these meal delivery services have become more popular since COVID-19, but this one seemed like it was overvalued and serviced a very small market (N.Z.)

I couldn't see where the revenue growth was going to come from, but perhaps others know...

 

[System]

MFB delisted from the ASX on 23 June 2023.