Download the Prospectus
Pre Money Equity Valuation
$390,800,000
Min Raise
$100,000,000
Max Raise
$100,000,000
Estimated Close
2019-12-16
Issue Type
IPO
Lead Manager
Macquarie Capital Ltd, Shaw and Partners
Type of Securities
CDIs
Date First Lodged
02/12/2019
Offer Costs $
$5,900,000
Market Cap Max
$490,800,000
Key Executives
Elizabeth Bastoni (Chairman and NED), Henry Albrecht (CEO and ED), Steve Hamerslag (NED), Chris Ackerley (NED), Mia Mends (NED), Lisa MacCallum (NED), Cameron Judson (NED)
Company Address
10885 NE 4th Street, Suite 400 Bellevue, Washington 98004, United States
Exchange
ASX
1st Day VWAP
1.86
Chairman's Letter

Dear investor,
On behalf of the Directors, I am
pleased to offer you the opportunity
to become an investor in Limeade.
Incorporated and headquartered
in Washington State, Limeade was
founded in 2006 and is a leading
employee experience software as a
service (SaaS) provider. Through the
Limeade platform and its integrated
software solutions, Limeade helps
organisations better care for their
employees, with the goal of driving
higher employee engagement and
well-being, and lower employee
turnover. Limeade currently has
a customer base of more than
175 companies with over 2.4 million
users in more than 100 countries.
Our solutions are provided under a
subscription-based revenue model,
typically charged on a per employee
per year basis. We have had strong
historical growth and have high
quality recurring revenue, comprising
96% of FY20 forecast revenue. We
expect to drive continued company
growth by selling Limeade solutions
to new and existing customers.
We are proud of recent large new
customer wins, including a top
five global airline, a top five global
technology company and a global
manufacturing company.
We have a long track record of capital
efficiency and cultural excellence.
We expect to make a pro forma
EBITDA loss of $10.7 million in FY20
as we use proceeds from the Offer
to increase our investments in
sales & marketing and research &
development in FY20, by 40% and
23% respectively. The Offer will also
enable the repayment of an existing
loan facility, allow for some of our
existing shareholders to realise part
of their investment and provide
a liquid market for our quoted
securities, known as CDIs.
Limeade was co-founded by
CEO Henry Albrecht and has a
highly experienced and talented
management team. On listing Henry
and other existing shareholders
will hold approximately 78% of our
securities on an undiluted basis
which will be voluntarily escrowed as
described in this document.
This Prospectus contains detailed
information about the Offer, as
well as key risks associated with
an investment in Limeade. These
include risks associated with retaining
existing customers and attracting
new customers, operating in a
competitive industry, maintaining and
developing our software, launching
new solutions, unanticipated
costs or delays and data security
breaches. I encourage you to read
this document carefully in its entirety
before making an investment
decision.
On behalf of the Directors, I look
forward to welcoming you as a
Shareholder.
Yours sincerely,
Elizabeth Bastoni
Chair, Limeade