21st Mar 2025 11:21
(Alliance News) - Wellnex Life Ltd on Friday started trading on the AIM market in London.
The Melbourne-based consumer healthcare company was already listed on the Australian Securities Exchange in Sydney.
Wellnex Life said the AIM admission helps its strategy to continue to bring to market innovative products and increase distribution with a focus on international markets, and take advantage of its supply agreements with Weybridge, England-based Sensodyne seller Haleon PLC and others.
The company said it will have a market capitalisation of GBP21.0 million on admission to London.
Wellnex said it raised GBP5.2 million via a placing of 16.4 million shares at a placing price of 31.75p, which comprised a UK placing of 10.4 million shares and an Australia placing of 6.0 million shares. The stock was quoted at a bid-ask spread of 30p to 32p on Friday morning in London.
In Sydney, Wellnex shares closed 4.2% lower at 57 Australian cents per share, about 28p.
The chief executive officer of the company is George Karafotias, the chief financial officer is Vivienne Zhang, and the chair is George Tambassis.
CEO Karafotias is also joint managing director, alongside Zack Bozinovski.
Joint Managing Director Bozinovski said: "We are delighted with the support we've received from both Australian and UK investors to provide us with the funding needed to eliminate costly debt, and provide us with the balance sheet strength to expand our existing business organically and launch our products into the European market. We have an opportunity to capitalise on a growing consumer healthcare market and are well positioned to grow globally, as already evidenced by our recent launch of products in the UK under our supply agreement with Haleon."
By Tom Budszus, Alliance News slot editor
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