Oliver’s Real Food to launch on ASX
Oliver’s Real Food will be listing on the Australian Securities Exchange (ASX).
Oliver’s offers healthy fast food through approximately 20 locations across New South Wales and Victoria. It is largely known for selling green beans instead of fries, but also sells sandwiches, sushi, juice and other health foods.
Oliver’s says it believes it is the world’s first organically-certified fast food chain.
The initial public offering (IPO) has now opened, with founder and Chief Executive Officer, Jason Gunn, saying he has always believed Oliver’s should be a business the public can invest in.
“There is huge potential for growth with this business, and that is where funds will be invested,” Gunn said in a promotional video announcing the ASX-listing.
IPO will fund new stores
Chairman, Mark Richardson, said Oliver’s will use funds from the IPO to open new stores across Australia.
“We are going to raise a maximum of AUD $15 million by issuing 50 million new shares at 30c and that provides sufficient capital as far as rolling out eleven new stores that we already have in the pipeline,” Richardson said.
Plans to be “major player” and open online store
CEO Gunn, said the plan for Oliver’s is to become a major player in the convenience food market within Australia, eventually establishing an “online market store”.
“I believe our online market place could be the largest store that we have,” Gunn said.
Chairman Richardson however said that Oliver’s will first focus on its fast food stores, aiming to become a AUD $50 – $60 million business over the next few years.
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