Voyager Life has made its debut on the Aquis Stock Exchange Growth Market (AQSE) just eight months after its first fundraising round.
The health and wellness company is focused on the beneficial properties of the hemp plant, specialising in supplying CBD and hemp seed oil.
Voyager was admitted to the Access Segment of the AQSE Growth Market on Wednesday 30 June, following a successful placing and subscription of 689,656 new ordinary shares of 1p each at 58 pence per share, raising gross proceeds of £400,000.
Its directors believe the move will enhance the company’s profile and status, provide liquidity for shareholders, as well as providing a platform for raising additional funds to support its expansion plans.
The company was incorporated in November 2020 and offers a range of health and wellness products containing CBD and hemp seed oil.
Its offering includes oils, gummies, bath and skincare products and hemp-based products for pets, available on its own ecommerce site and through more than 20 third-party websites, including online giants Amazon, eBay and Etsy.
The company has opened more than 30 new trading accounts with independent retail stores and chains in the last month and expects to open its first retail premises in St Andrews, on Scotland’s east coast in July 2021.
According to its announcement last week, the board believes that a ‘significant opportunity exists in the CBD sector’ as a result of the expected growth of the market.
Nick Tulloch, CEO of Voyager, said: “Our plan from day one was to list Voyager at the appropriate time, to both improve our trading liquidity for all our shareholders and to enhance the company’s corporate standing as a new entity seeking partnerships with established retailers.
“I am therefore very pleased to have reached this milestone just eight months after our first fundraising round in November 2020. We have raised a total of £2.5 million to date and our cash balance will exceed £2 million, net of IPO expenses. We therefore begin July 2021 with a very healthy balance sheet, new products developed, manufactured and paid for, our first year’s rent on our St Andrews store already settled. Above all, we have achieved our objective of providing liquidity for our shareholders on schedule. It is a testament to the business plan that we have set out that, in spite of softening market conditions for IPOs and numerous other companies in our sector seeking funds, we have concluded our IPO on schedule and at our target valuation.
“Voyager is already generating revenue from a low-cost base and we believe we are in a very strong long-term position to develop the business and grow our customer base. I’d like to thank our shareholders and customers for their continuing support. We are very excited by our pace of commercial progress and will keep our new and existing shareholders fully appraised of each milestone we pass in the coming weeks and months.”