Lacklustre sharemarket launch for My Food Bag

Author
Newstalk ZB,
Publish Date
Fri, 5 Mar 2021, 8:34PM
Photo / File
Photo / File

Lacklustre sharemarket launch for My Food Bag

Author
Newstalk ZB,
Publish Date
Fri, 5 Mar 2021, 8:34PM

Meal maker My Food Bag has had a weak debut on the stock exchange.

The company's shares initially traded at $1.75 each, down 10 cents on the issue price, and have fallen as low as $1.69.

The $342 million share float was the largest in the country for seven years, with the bulk of shares taken up by local investors, ranging from investment funds, staff, and customers.

Last year the company made a profit of $8.2m from revenue of $153.3m after it received a boost from demand from consumers locked down because of Covid-19.

Investment strategist Edward Glennie joins Heather du Plessis-Allan to talk about the company's sharemarket launch.

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