The IPO Buzz: Australia’s Gelteq (GELS) IPO Raises $5.2 Million – As Expected
Gelteq Pty. Ltd. (GELS) priced its tiny IPO of 1.3 million shares at $4.00 – the terms in the prospectus – to raise $5.2 million on Monday night, Oct. 28, 2024. Gelteq’s stock is expected to start trading Tuesday, Oct. 29, 2024, on the NASDAQ.
The Benchmark Company was the sole book-runner.
Gelteq, based in Melbourne, Australia, is developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care and other products.
“Our principal products are edible gels, which we refer to as gels, and their application in gel-based dosage forms,” Gelteq said in the prospectus.
Gelteq is not profitable: Gelteq reported a net loss of $2.28 million on $50,000 in revenue for the 12 months that ended June 30, 2023, according to financial statements in the prospectus.
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Source: https://www.iposcoop.com/the-ipo-buzz-australias-gelteq-gels-ipo-raises-5-2-million-as-expected/
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