Wellnex Life Ltd (ASX:WNX) made its AIM-debut on Friday, after a £5.22 million equity raise that helps the health and wellness products firm expand its portfolio.
Priced at 31p in Friday’s trade it marked a solid debut.
Proceeds from the will fund the acquisition of the Pain Away business, a topical pain relief brand, adding it to a portfolio of wellness products including sleep aid, a caffeine-based energy product, iron supplements, oral hygiene and medicinal cannabis.
Wellnex also plans to repay debt and support international growth.
“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,” Wellnex co-MD Zack Bozinovski said.
He added: “We expect that our UK IPO, and support from UK investors, along with the support from our Australian investors, provides us with a strong foundation for further growth and geographic expansion."
In its placing, Wellnex sold new shares at 31.75p.