Food firm priced
Parsley Box valued at £83.8m in forthcoming IPO
Milestone co-founder Adrienne MacAuley with CEO Kevin Dorren
Parsley Box, the direct-to-consumer provider of ready meals led by Scottish entrepreneurs Kevin Dorren and Chris van der Kuyl, will be valued at £83.8 million when it debuts on the stock market at the end of the month.
The Edinburgh-based company, focused on the Baby Boomer+ demographic, has priced its shares at 200p per share.
The placing drew strong support from investors and was over-subscribed. It has conditionally raised gross proceeds of approximately £17m, comprising £5m for the company and £12m for the selling shareholders.
The company has today published its admission document and will apply for the admission to the Alternative Investment Market with dealings to begin on 31 March.
The customer offer represented circa 7.6% of the ordinary shares sold in the offers and was very well supported. All identified Parsley Box customers who successfully applied received a 100% allocation.
Net proceeds will be used to accelerate its growth plans primarily through investment in marketing spend with the aim of becoming a household name in a currently underserved market
On admission, the directors together with their connected persons will be interested in approximately 32.1% of the issued Ordinary Shares
Mr Dorren, CEO, said: “The IPO is a significant milestone for the business and I see it as firing the starting gun on our next phase of growth. I am looking forward to leading the business through this exciting new chapter.
“The strong demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us. I’m pleased to welcome our new shareholders on board.
“I’d also like to thank our employees who do so much day in, day out to ensure we deliver great service to our customers.”
Parsley Box was founded by husband-and-wife team Gordon and Adrienne MacAuley in 2017 who brought in Mr Dorren as chief executive. Games entrepreneur Chris van der Kuyl joined as chairman.
Three new independent non-executive directors have been appointed: Chris Britton, Hazel Cameron and Ana Stewart.