Bubs Australia Plans to Raise A$63 Million as U.S. Business Grows
By Stuart Condie
SYDNEY–Bubs Australia Ltd. plans to raise 63 million Australian dollars (US$43.2 million) to support its growth initiatives including in the U.S., where the infant-formula manufacturer has secured a raft of supply contracts amid the country’s formula shortage.
Bubs on Tuesday said that it planned to issue about 121.2 million new shares. It aims to raise A$32.4 million via a placement to institutional investors and A$30.6 million via an accelerated entitlement offer, issuing shares on a 1-for-10.42 pro-rata basis.
The proceeds will support costs including marketing and employment in the U.S., where Bubs has secured agreements with stockists including Walmart Inc. Bubs also aims to build up inventory and to build a second high-speed canning line, tripling capacity at its facility in Deloraine, Tasmania.
Write to Stuart Condie at stuart.condie@wsj.com
More Stories
Malden to receive Business for the Arts Award
The Colorado Business Committee for the Arts has named Deborah Malden, an advocate for the arts in Boulder, among the...
School and business cancellations and closings in North Texas for Wednesday, Feb. 1
Icy winter weather continues to pummel North Texas. Schools and businesses stay closed for Wednesday. Here's the list so far....
Nashville Master Movers Celebrates 23 Years In Business
Nashville-Davidson, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Nashville-Davidson, Tennessee -Nashville, Tennessee based Nashville Master Movers is reaching out to their...
A Work of Heart’s contract with the Grand Central Mall will come to an end after 14 years of business
PARKERSBURG, W.Va. (WTAP) - In just a week the 14 year contract of A Work of Heart will come to...
Usain Bolt fires business manager over Jamaica fraud case
SAN JUAN, Puerto Rico -- Jamaican sprinter Usain Bolt told reporters Friday that he is baffled over how $12.7 million...
Required business, multi-family recycling service on track for March start
Cam Lewis, general manager at Moe's Original BBQ in Steamboat Springs, breaks down cardboard boxes for recycling in the trash...