Gelteq Limited (GELS), a global biotechnology company specializing in the formulation, development, and production of ingestible gel technology, announced today the completion of its initial public offering (IPO) of 1,300,000 ordinary shares at a public offering price of $4.00 per share.
Gelteq closes IPO at $5.2 million
The shares began trading on the Nasdaq Global Market under the symbol "GELS" on October 29, 2024.
The gross proceeds from the offering, before deducting underwriting commissions and other expenses, amounted to $5.2 million. The company plans to use the net proceeds for various purposes, including funding manufacturing, marketing, and research and development activities.
IPO details
The Benchmark Company, LLC served as the lead managing underwriter for the offering. The company has granted the underwriter a 45-day option to purchase up to an additional 195,000 ordinary shares to cover any overallocations.
A registration statement on Form F-1 (File No. 333-280804) related to the offering was declared effective by the U.S. Securities and Exchange Commission (SEC) on September 30, 2024. The offering is being conducted solely by means of a prospectus. A definitive prospectus for the offering has been filed with the SEC.
