Ecoya plans IPO to fund expansion

Ecoya plans IPO to fund expansion

Australasian body, bath and home fragrance provider Ecoya Limited is considering options to raise additional capital to fund international expansion.

The company is considering an offer of shares to the New Zealand public in March or April this year to raise in the order of $10 million. The proposed offer would be conditional on NZX accepting Ecoya’s shares for listing. It is intended there will be a provision for oversubscriptions.

Ecoya executive chairman Geoff Ross says the company intends to use the proceeds to fund entry into the US market and sales growth in Australasia and China.

“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,” Mr Ross says.

Ecoya has engaged independent investment bank Cameron Partners Limited to advise on the process.

The proposed offer is intended to be made to clients of NZX firms, the public, former 42 BELOW shareholders and associates of Ecoya executive directors Geoff Ross, Grant Baker, Stephen Sinclair and Craig Schweighoffer. It would be partially underwritten by the Business Bakery LP.

People wishing to pre-register and receive further information about the proposed offer, please email ipo@ecoya.co.nz or visit www.ecoya.co.nz.

ENDS

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