Gelteq Ltd. (GELS) Plans to Raise $5 Million in October 28th IPO

Gelteq Ltd. (GELS) plans to raise $5 million in an IPO on the week of October 28th, IPO Scoop reports. The company will be issuing 1,300,000 shares at a price of $4.00 per share.

In the last year, Gelteq Ltd. generated $80,000 in revenue and had a net loss of $2.3 million. Gelteq Ltd. has a market cap of $37.8 million.

The Benchmark Company served as the underwriter for the IPO.

Gelteq Ltd. provided the following description of their company for its IPO: “We are a clinical and science-based company that is focused on developing and commercializing white label gel-based delivery solutions for prescription drugs, nutraceuticals, pet care and other products. (Incorporated in Australia) A “white label” gel-based delivery solution is where we produce a product that other companies rebrand as their own product. Our principal products are edible gels, which we refer to as gels, and their application in gel-based dosage forms. Our current product suite consists of multiple products that sit within five core verticals — pets, sports, pharmaceutical (pharma), over-the-counter (OTC) and nutraceutical — all of which leverage our patent- pending multiple-ingredient dosage forms, and which we expect to have a wide range of applications and consumers. We currently focus our efforts on out-licensing our technology to companies to develop and create new products they can manufacture and sell within their established and researched markets, while we continue to manufacture our existing products under license (“white label”).  *Note: Net loss and revenue figures are in U.S. dollars (converted from Australian dollars) for the 12 months that ended June 30, 2023. *Note: For the year that ended June 30, 2023, Gelteq Ltd. reported a net loss of US$2.33 million on revenue (defined as “revenue from contracts with customers”) of about US$79,843, according to the prospectus. *Note: For the year that ended June 30, 2022, Gelteq Ltd. reported a net loss of US$2.29 million on revenue of about US$100,000, according to the prospectus. (Note: The Benchmark Company was named the sole book-runner, replacing EF Hutton, in an F-1/A filing dated Sept. 12, 2024.)  (Note: Gelteq Ltd. updated its IPO filing on Oct. 22, 2024, with a Form 424B4 filing (prospectus) stating that the assumed IPO price is $4.00 – down from $5.00 in the previous F-1/A filing – and keeping the number of shares at 1.3 million Class A ordinary shares – to raise $5.2 million. The expected pricing date is now sometime during the week of Oct. 28, 2024. This update corrects a previous posting, which indicated that the IPO had been priced on Tuesday night, Oct. 22, 2024. Background: Gelteq Ltd. is offering 1.3 million Class A ordinary shares at $5.00 to raise $6.5 million – the terms that it disclosed in its F-1 dated Aug. 30, 2022. This is a NASDAQ listing. Background: The Melbourne, Australia-based company filed confidential IPO documents on March 31, 2022.) “.

Gelteq Ltd. was founded in 2018 and has 8 employees. The company is located at Level 4 100 Albert Road South Melbourne VIC, 3025 Australia and can be reached via phone at +61 3 9087 3990 or on the web at http://www.gelteq.com.