Download the Prospectus
Pre Money Equity Valuation
$68,300,000
Min Raise
$48,700,000
Max Raise
$48,700,000
Estimated Close
2019-12-04
Issue Type
IPO
Lead Manager
Wilsons Corporate Finance Ltd
Type of Securities
Shares
Date First Lodged
20/11/2019
Offer Costs $
$4,900,000
Market Cap Max
$117,000,000
Key Executives
Justin Breheny (Chairman and NED), Ben Dingle (CEO and ED), Selina Lightfoot (NED), Michelle Terry (NED), David Whyte (NED), Jeff Martin (NED)
Company Address
Level 10 420 St Kilda Road Melbourne, Victoria 3004
Exchange
ASX
1st Day VWAP
3.24
Chairman's Letter

Dear Investor,
On behalf of the Directors of Nuchev, it is my
pleasure to invite you to become a shareholder
of Nuchev and participate in Nuchev’s exciting
future growth prospects.
Nuchev is an Australian-based, globally-orientated food
business with a dedicated focus on developing and selling
a range of premium Australian made goat nutritional
products. Nuchev was founded in 2013 by Ben Dingle,
co-founder of dairy and infant formula (IF) manufacturer
Synlait Milk (A2 Milk’s processing partner). Ben established
Nuchev after recognising that consumer awareness and
demand was increasing substantially for goat milk products
(specifically goat infant formula (GIF)) due to their
differentiated health benefits relative to other milk products,
presenting a significant market opportunity.
Nuchev’s primary products are its Oli6® branded GIF range,
which are sold across multiple sales channels in Australia,
China and Hong Kong Special Administrative Region (Hong
Kong SAR).1
Oli6® is formulated specifically for the needs
of infants and children, and the potential health benefits of
Oli6® GIF are supported by scientific laboratory research
published by RMIT University researchers.2
Nuchev operates a capital-light business model, leveraging
leading raw goat ingredient suppliers and Australian-based
manufacturers in an established, secure and scalable supply chain to deliver high-quality products under a premium,
trusted brand. Nuchev has achieved strong growth in
sales revenue since 2016 when sales first commenced,
and is forecast to grow revenue by 89% in FY20. Nuchev
expects to utilise its capital-light business model to
achieve operating leverage, such that revenue grows at a
significantly faster rate than operating expenses.
The global GIF market is expected to grow at a compound
annual growth rate (CAGR) of 16.6% from $6.3 billion in
2018 to $13.6 billion in 2023. Nuchev is specifically targeting
the Chinese GIF market, which is forecast to grow at a
CAGR of 18.8% from 2018 to 2023, reaching $9.2 billion and
representing 12.8% of the total Chinese IF market in 2023.3
Nuchev’s initial public offering is the next step in executing
its growth strategy and accessing the significant GIF market
opportunity.
Nuchev is seeking to raise $48.7 million, including
$25.0 million of primary capital through the issue of
9.6 million New Shares at $2.60 per Share, with the
remaining $23.7 million allowing Existing Shareholders an
opportunity to realise part of their investment in Nuchev.
Upon Completion of the Offer, new Shareholders are
expected to hold 41.6% of Nuchev Shares and Existing
Shareholders, including management, will retain 58.4% of
Nuchev Shares, 97% of which will be escrowed for up to
24 months following the Completion of the Offer.
This Prospectus contains important information in relation
to the Offer, the financial and operating performance of
Nuchev, as well as information relating to its operations
and business strategy. The key risks associated with an
investment in Nuchev are contained in Section 5, which
should be considered in detail. I encourage you to read this
Prospectus carefully and consult with your independent
professional adviser before making any investment decision.
On behalf of my fellow Directors, I look forward to
welcoming you as a shareholder of Nuchev.
Yours sincerely,
Justin Breheny,
Independent Chairman of the Board of Directors