BioVittoria seeks to raise $20 million

BioVittoria Ltd has launched an initial public offer (IPO) of shares which will trade on the NZX.

The Hamilton-based natural sweetener manufacturer is selling 20 million shares at $1 each.

McDouall Stuart Securities Ltd is lead manager of the sale, which opens today and closes on November 25. The company will apply to list the shares on NZX's main board.

The money raised will fund the on-going commercialisation of the company's zero-calorie natural sweetener PureLob. No existing shareholders are selling into the IPO.

BioVittoria completed an $11 million capital raising in 2008 to fund the building of a factory. Its investors include Endeavour Capital, the New Zealand Venture Investment Fund, ACC and Sir Stephen Tindall's K1W1 fund.

BioVittoria was founded in 2003 by former HortResearch scientist Garth Smith and American businessman Stephen LeFebvre.

- NZPA