Shares in Bubs Australia have more than doubled since the baby formula company listed yesterday.
A short time ago, the shares were up 70% to 23 cents. They listed at 10 cents and closed at 13.5 cents yesterday.
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.
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.