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HOD HASHARON, Israel -- Israel-based food and beverage technology company NiceVend Ltd. will list on the Australian Securities Exchange (ASX) as it seeks to raise up to $7.5 million in an initial public offering. The company will issue between 25 and 37.5 million new shares at 20¢ per share, giving it a market capitalization of $20 to $22.5 million upon listing, expected on Oct. 2 under proposed ASX code NVD. NiceVend has developed Quinzee, a textured frozen beverage preparation technology ...
September 3, 2018
HOD HASHARON, Israel -- Israel-based food and beverage technology company NiceVend Ltd. will list on the Australian Securities Exchange (ASX) as it seeks to raise up to $7.5 million in an initial public offering.
The company will issue between 25 and 37.5 million new shares at 20¢ per share, giving it a market capitalization of $20 to $22.5 million upon listing, expected on Oct. 2 under proposed ASX code NVD.
NiceVend has developed Quinzee, a textured frozen beverage preparation technology aimed at the global vending machine market. Officials said the IPO will allow the company to aggressively progress the manufacture and supply of its fully automated Quinzee machines as well as the commercialization of a countertop model of the technology.
The Quinzee machine prepares and serves an assortment of on-demand frozen beverages, including sugarless and real fruit-based varieties. In addition to having more than 200 Quinzee machines in the field, NiceVend produces a variety of different flavors of the "Flakes" beverage mix used in the machines.
NiceVend said it is testing the machine with high-profile corporations including global tea giant Wissotzky, service station major Caltex, sports nutrition business Weider and Miami-based vending operator Gilly Vending.
NiceVend said it recently secured Wissotzky as a cornerstone investor, along with other shareholders including several prominent Australian institutional investors, Israeli wine industry identity Lenny Recanati and the founder and major investor of NASDAQ-listed Caesarstone, Kibbutz Sdot-Yam.
"With the Quinzee now commercialized, we are generating significant interest from customers in a variety of verticals across the world, and it is the right time to pursue additional manufacturing, sales and marketing of the technology to what is an enormous market opportunity," said NiceVend chief executive and founder Udi Klier. "The countertop model in development will unlock another major market opportunity and funds from the IPO will enable us to fast-track the commercialization of this technology."
