London Stock Exchange welcomes Parsley Box to AIM
London Stock Exchange welcomes Parsley Box Plc to AIM today.
The Company’s Ordinary Shares were admitted to trading at 8.00am on Wednesday 31st March 2021, under the stock market ticker MEAL. The Placing price was 200p per share, resulting in a market capitalisation of £83.8 million.
Parsley Box delivers ready meals, that do not need to be stored in a fridge or freezer, direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Its mission statement is to promote, support and celebrate independent living by making mealtimes easier and more enjoyable for everyone.
The core product range comprises over 60 single portion sized meals spanning various cuisines and has been expanded to include wines, spirits, cakes and desserts, as well as gifting options such as chocolates. Customers benefit from cupboard stored tasty meals that can be cooked within minutes, at a competitive price point with delivery as quick as the next working day.
Parsley Box has embraced the direct-to-consumer (D2C) model allowing it to gather detailed insights from customers, building meaningful relationships and allowing for high levels of innovation aligned with their demands.
The directors believe that the success of Parsley Box, and their expectations for continued momentum, are based on the following key strengths:
• Parsley Box is a challenger brand that is redefining the category, with first mover advantage supported by over 500,000 registered users
• The Company targets the Baby Boomer+ generation in the UK, which is an under-served, large, growing and wealthy market
• The structural shift in the grocery market, shows a growing trend in shopping for food online and an increase in the D2C business model
• Parsley Box is highly scalable, operating a capital light model
• There is significant scope to extend product and category range, which should lead to an increase in the average order value
• The market and business model is replicable in other countries
Kevin Dorren, Chief Executive Officer of Parsley Box, said: "Today we’re firing the starting gun on our next phase of growth. From an idea born at the kitchen table to IPO in just four years is an incredible achievement and we’re proud to be celebrating this milestone together with our customers.
"The strong demand for our IPO from both blue-chip institutions and our own customers was a real endorsement of our business and the market opportunities that lie ahead of us. I'm pleased to welcome our new shareholders on board.
"I'd also like to thank our employees who do so much day in, day out to ensure we deliver a great service. I am looking forward to leading the business through our accelerated growth plans to become a household name."
Parsley Box partnered with PrimaryBid to give all eligible Parsley Box customers access to its IPO and finnCap Ltd acted as nominated adviser and broker to the Company in relation to the placing and admission to AIM.