Edinburgh-based meal delivery firm Parsley Box makes market debut
Parsley Box, the Edinburgh-based meal delivery firm, has made its stock market debut, marking a “milestone” moment for the four-year-old business.
The firm recently unveiled its plans for a market flotation in a bid to boost its brand recognition and capitalise on a growing market. Its shares are now trading on London’s Alternative Investment Market.
Parsley Box delivers ready meals that do not need to be stored in a fridge or freezer, direct to the “underserved baby boomer-plus consumer”, broadly defined as those aged 60 and over.
The business is led by chief executive Kevin Dorren, who previously founded investment firm Move Fresh, the holding firm for Diet Chef.
He said: “From an idea cooked up at the kitchen table to IPO [initial public offering] in just four years is an incredible achievement and we’re proud to be celebrating this milestone together with our customers. The business has grown rapidly, but for us it is just the beginning of our journey serving the baby boomer+ demographic.
“We are very pleased to welcome our new shareholders, both institutional investors and our customers who have endorsed the business by taking a stake in the company’s future.
“I am looking forward to leading the business through our accelerated growth plans to become a household name.”
On March 26, the firm announced a fundraising to both institutional investors and customers. The fundraising, which was significantly oversubscribed, raised gross proceeds of £5 million for the company and £12m for selling shareholders. At the placing price of 200p, the firm’s market capitalisation was some £83.8m.
Diane Craig, head of capital markets at accountancy and business advisory firm RSM, said: “Parsley Box is an ambitious Scottish business with a core purpose to support independent healthy living as consumers get older. This is a real milestone for the company and we are delighted to have acted on this transaction and to be key advisers to Scottish companies looking to access the UK capital markets.
“This is the second Scottish IPO we have acted on in the past 12 months which demonstrates the market is open to quality opportunities; and innovative Scottish businesses with the right business model are a viable and attractive option.”