Another maker of infant formula has listed on the ASX with hopes of expansion in Asia.
Shares in Bubs Australia Limited jumped by more than a third when it debuted in a backdoor listing today.
A short time ago, the 10 cent shares were trading at 13.7 cents.
The Bubs infant milk formula and organic baby food made by Bubs is in Coles supermarkets and pharmacies across Australia.
The former Hillcrest Litigation Services Limited raised $5.15 million to develop and market the Bubs business and provide working capital for sustainable growth.
Kristy Carr, founder and executive managing director, says the company is looking at expansion in South East Asia and China.
“We believe with our differentiated premium product offering, capacity to deliver innovation quickly and strong links throughout Asia, the company has a bright future ahead,” she says.
Cornerstone investors in Bubs and its subsidiaries include Ellerston Capital, the founders of Wattle Hill Capital, and an investment company of Nancy and Richard Zhang, the founders of China’s JD.com.
Sales were $4.3 million in 2016, up from $2 million the year before.