The Very Good Food Company Inc. (CSE: VERY) has completed an initial public offering (IPO) on the Canadian Stock Exchange.
Mitchell Scott, CEO of VGF, issued the following statement on the successful listing:
“We were very pleased to see investors welcome our company to the public markets with open arms. After months of preparation for our public listing, we can all breathe a sigh of relief as the results of our first day truly exceeded our expectations. We are humbled to see customers become shareholders, as they look to align themselves with our vision. Yet, our work is far from done and we are focused on seizing on our momentum to grow the Very Good brand into a global leader in the plant-based food technology industry.”
VGF floated 16.1 million shares on the CSE at a price per share of $0.25 raising over $4 million in gross proceeds. Today, the shares are trading significantly higher at $0.92/share. Canaccord Genuity managed the offering and the banker was said to have exercised the over-allotment offering on the IPO.
Scott said the IPO was a critical milestone for the company as it seeks to realize their vision of becoming a global leader in food technology. Scott said they have seen significant growth in their eCommerce and in-store sales, including a rapid increase in subscriptions to their monthly recurring delivery service.
Two years ago, VGF raised capital on Canada’s top crowdfunding platform – FrontFundr. At that time, VGF raised $600,000 from 240 individual investors in a three-year convertible note.
FrontFundr CEO and founder Peter-Paul Van Hoeken congratulated the Very Good Food Company with the successful completion of their IPO. Van Hoeken stated:
“Two years ago, The Very Good Food Company successfully raised capital on FrontFundr from the public and they are now one of the first plant-based food companies listed publicly in Canada. This is a great example of how equity crowdfunding enabled the public to invest at the very beginning and empowered the founders to build a remarkable company!”
VGF is a plant-based Foodtech firm that sells a variety of plant-based meat products and other food alternatives – a sector that has been super hot of late. The company said it is currently working to expand distribution and increase sales across all channels. The company operates under the core product line of The Very Good Butchers brand.
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