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BurgerFuel Worldwide Limited listed today, a new addition to the NZAX Market, a growth platform for small to medium sized companies.
NZX Markets Development Manager, Geoff Brown said, “It is great to see a company with strong growth aspirations allowing the investing public to participate in this opportunity.”"BurgerFuel briefly flirted with the unregulated Unlisted platform on their quest for capital raising and we are pleased to welcome the company to the NZAX Market today.”
The NZAX Market was developed to support small to medium sized enterprises, making it simpler for them to access capital to grow. The NZAX Market has lower rule requirements for companies to assist in their growth process. The NZAX Market is an ideal platform for early stage and high growth potential companies.
“A significant Securities Act exemption that is available to NZAX issuers is that there is no requirement for financial forecasts as part of the IPO process. For a fast growing company like BurgerFuel results could vary significantly from projections and accordingly NZAX companies are not required to provide them,” said Brown.
The BurgerFuel IPO process was innovative. It sought to elevate its brand as well as sell shares to customers and investors by facilitating on-line transaction purchases and in-store share applications. The company now has 2382 shareholders.
NZX wants to support growth phase companies and the NZAX Market delivers this.
Since 2003, NZAX companies have raised over $120 million in secondary capital, allowing growth in global markets offshore and also allowing ownership to remain with the local market.
Shares and Options in BurgerFuel Worldwide Limited were quoted on the NZAX Market under the security code BFW and BFWOA from 11am today.
