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APAC Digest: My Food Bag launches IPO; Odyssey Private Equity backs MTB Direct
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My Food Bag share price dragged down by wider market softness
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Of the approximately $342 million being raised, just $54.8m will end up in My Food Bag’s pocket, with $16.7m used to fund offer costs, $38.2m to repay bank debt, and $287.3m going to existing shareholders who are selling their shares. Fund managers Milford Funds Limited, Harbour Asset Management Limited and Investment Services Group Limited had earlier indicated they would take shareholdings greater than 5 per cent. “Their timing is good in the sense that there s an awful lot of cash on the sidelines looking for a home, and in this low-interest rate environment a 5 per cent yield is attractive,” said Pathfinder chief executive John Berry.