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Health and wellness company launches IPO

Health and wellness company launches IPO

Shannon Finch King & Wood Mallesons KWM

Two firms have advised on the launch of health and wellness company Vitaco’s IPO, with JP Morgan and Citigroup as joint lead managers and underwriters.

Firms: King & Wood Mallesons (JP Morgan and Citigroup); Minter Ellison (Vitaco)

Deal: Vitaco has launched an IPO, with JP Morgan and Citigroup as joint lead managers and underwriters.

Value: Approximately $624m

Area: Banking and finance

Key Players: The KWM team was led by partners Shannon Finch (pictured) and Meredith Paynter, supported by senior associate Hoda Nahlous and solicitor Melanie Gilbert. The Minter Ellison team was led by partners Daniel Scotti and Glen Sauer, and was supported by senior associates Nicole Sloggett and Jacqueline How.

Deal Significance: Vitaco Holdings Limited is an Australia and New Zealand-based nutritional products company with a portfolio of well-established and trusted brands, including Healtheries, Wagner, Nutra-Life, Balance, Musashi and Aussie Bodies.

It has launched its IPO and associated listing on ASX with shares representing approximately 80 per cent of Vitaco's issued capital, which is being offered under the IPO at $2.10 per share – implying an enterprise value of more than $330 million.

Vitaco will issue 110.3 million new shares as part of the float, while 28.8 million shares will be held by existing investors, including private equity firm Next Capital, which will own 15.3 per cent of the listed company.

The IPO values Vitaco at $332 million on an enterprise value basis and a $292.2 million market capitalisation, totalling approximately $624 million.

JP Morgan Australia Limited and Citigroup Global Markets Australia Pty Limited have acted as joint lead managers and underwriters for the Vitaco Holdings Limited IPO.

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