Bubs advised on $38m capital raise

Australian-made infant formula company Bubs has been advised on its $38 million capital raising.

Reporter • 10 September 2020 • Big Law

Firm: Ashurst (Bubs Australia Limited); Bell Potter Securities Limited and PAC Partners Securities Limited (joint lead managers).

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Deal: Ashurst has advised Bubs on its $38m capital raise, which involved an institutional placement to raise $28 million and a non-underwritten share purchase plan to raise $10 million.

Value: $38 million.

Area: Corporate.

Key players: The Ashurst team was led by partner Kylie Lane, who was assisted by counsel Eliza Blandford and lawyers Ravi Gosal, Nicholas Chant and Chris Primmer.

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Deal significance: The proceedings from the placement and share purchase plan will be used by Bubs to support growth initiatives including the launch of Bubs’ new range of Vita Bubs® products, funding the Beingmate China manufacturing arrangements and global market expansion, Ashurst said in a statement.

Ms Lane commented: “We are delighted to assist Bubs with this capital raising, which will support and accelerate the company’s global growth initiatives.”

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