Meal kit provider Marley Spoon announces a $70 million IPO on the ASX

Source: Marley Spoon
  • Marley Spoon will list on ASX with indicative market capitalisation of $200 million.
  • The IPO by the subscription-based meal kit provider will raise $70 million at $1.42 per CDI (CHESS Depositary Interests).
  • Marley Spoon, which started in Germany, launched in Australia in June 2015, followed by the launch of Dinnerly in March this year.

Marley Spoon, a subscription-based meal kit provider, today announced an IPO to raise $70 million at $1.42 per CDI (CHESS Depositary Interests).

Most of the funds will be used to support the continued growth of Marley Spoon’s existing and potential customer base.

The Institutional Offer, Broker Firm Offer, and Chairman’s List Offer are underwritten by Joint Lead Managers Canaccord Genuity and Macquarie Capital.

Current management and other existing investors, including Rocket Internet and Lakestar, will retain all of their current holdings, which will represent 66% of Marley Spoon.

Marley Spoon was launched in Germany in 2014 by Fabian Siegel and Till Neatby. It provides subscription-based meal kits to 110,000 active customers in Australia, the US, Austria, Belgium, Germany and the Netherlands.

“As we continue to experience strong growth in our markets, in particular the Australian market, we believe an ASX-listing provides the ideal platform to build our major consumer brands – Marley Spoon, Martha & Marley Spoon, and Dinnerly – for the coming years,” says Marley Spoon Chief Executive Officer Fabian Siegel.

“We established Marley Spoon in Australia in June 2015, followed by the recent launch of Dinnerly in March 2018.

“As of March this year, Australia represented 37% of Marley Spoon’s revenue and over one third of our global workforce is represented here. Marley Spoon’s meal kits offer variety in weeknight home cooking, convenience and time-saving.

“However, it is still early days for this kind of service and we are just getting started to make consumers switch over from the supermarket.”

Since 2014 Marley Spoon has developed more than 9,000 recipes and served more than 14.5 million individual meals to customers in Australia, Europe, and the United States.

The company is expected to start trading on the ASX in early July.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.