Nutritional Growth Solutions (ASX:NGS) debuted on the ASX with a bang today.
The company is commercialising a range of patented nutritional children's milk formulas. Its IPO saw the company raise $7 million at $0.20 per share.
It will use the funds to rapidly accelerate growth in North America, where 90 per cent of its revenue is generated, and to expand into China, where it has an existing distribution agreement.
Its premier product is a protein powder called Healthy Height, which generating more than $1.7 million in revenue each year, predominantly from sales in the United States. That same product is also sold by Unilever in India, under license from NGS, as Horlicks Growth Plus.
After listing, the Tel Aviv-based company rose from its issue price of $0.20 per share and is currently trading at $0.33 per share at noon.