The Nutritional Growth Solutions Ltd (ASX: NGS) share price has hit the ASX boards in style on Friday.
The children's milk formula company's shares jumped as much as 90% higher than its listing price to 38 cents this morning.
The Nutritional Growth Solutions share price has since dropped back a touch but is still up 58% to 31.5 cents at the time of writing.
The Nutritional Growth Solutions IPO.
Nutritional Growth Solutions landed on the Australian share market today after successfully completing an IPO which raised $7 million at 20 cents per share.
Management advised that the IPO was heavily oversubscribed and received strong support from both retail and institutional investors.
It also advised that the funds raised through the IPO will predominantly be used to support sales and marketing initiatives, branding, new product launches, research and development, and for the general working capital requirements of the business.
What does the company do?
Nutritional Growth Solutions was founded by expert paediatricians and is commercialising a range of patented, clinically tested children's milk formulas.
The formulas have been designed to ensure children receive all the necessary vitamins and minerals for their growth.
Its premier product is a protein powder designed to help kids optimise their height gain called Healthy Height. It is already generating revenues and is now sold in the United States, China, and Israel. It is also sold by Unilever in India under license as Horlicks Growth Plus.
In addition to this, the company has a range of new products undergoing clinical testing and development, as well as new product launches in the short to medium term. These new products will significantly expand the commercial opportunities for the company.
The company's Managing Director and CEO, Ms Liron Fendell, commented: "We are very appreciative of the strong support shown by investors during the IPO process. I am thankful for the opportunity to bring our nutritional solutions to more children around the world. NGS operates in large and growing international markets and we look forward to executing on the broad range of commercial opportunities that we have identified "
