Ecoya plans IPO
Australasian body, bath and home fragrance provider Ecoya Ltd is considering an Initial Public Offering on the NZX in March or April to fund international expansion.
Interests associated with former 42 Below entrepreneurs Geoff Ross, Stephen Sinclair and Grant Baker have announced that the company is looking to raise around $10m to support sales growth plans for Australasia and China, and entry into the US market.
“We also have plans to develop additional products using natural bases and the finest fragrance and essential oils, and some funding would be applied to general corporate purposes,” said Ross.
Ecoya has engaged independent investment bank Cameron Partners Ltd to advise on the process. The IPO would be partially underwritten by the Business Bakery LP, and there will be a provision for oversubscriptions.
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