Health and wellness company Me Today has raised $4m in capital raising.
Me Today founders Grant Baker, Stephen Sinclair, and Michael Kerr. Photo: Supplied
The offer, launched on Wednesday, attracted bids for over twice the $3m sought.
The company has accepted one million in over subscriptions.
There will be 42,105,263 new shares issued on Friday, representing 11.54 percent of Me Today's existing ordinary shares on issue before the offer.
The shares sold at 9.5 cents each.
Me Today Chairman Grant Baker said the company appreciated the level of interest in this offer.
''We are looking forward to continuing the journey of growth with a committed group of shareholders and ambassadors for the Me Today brand.
''The capital raise will be used to accelerate growth and raise the profile of Me Today further in NZ and globally," he said.
The company commenced trading on the NZX on Friday.
Me Today chief executive Michael Kerr said the company will use the money to gain more of a share of the multi-billion dollar supplements and natural skincare industry.
"We're quite keen to raise the money to allows us to invest in above the line marketing, to continue to grow the brand, not only in New Zealand but also offshore."
Kerr said the company had plans to bring the brand to life in countries such as Australia but there were compliance costs involved with any expansion.
He said he was confident the Me Today brand could stand out in a competitive wellness industry because it had a unique brand and a range of products, from skincare to supplements.
The company will launch nine new supplements over the June to September.
Kerr said it would use some of the money from the share issue to develop a range of new products.
Me Today is expecting sales for the year ending in March to be more then $2m.
