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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Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
Source: https://www.iposcoop.com/the-ipo-buzz-australias-gelteq-gels-ipo-raises-5-2-million-as-expected/
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