Cannabis company Rua Bioscience debuts on NZX at 40% premiumPosted by On

Business

Medicinal cannabis company Rua Bioscience listed on the NZX today. Photo / File

Shares in medicinal cannabis company Rua Bioscience debuted on the NZX today at 70c cents, a 20 cent, or 40 per cent premium to their 50 cent issue price.

Rua is the first full equity listing since Napier Port’s debut on the exchange early this year.

The only other listed medicinal company is Cannasouth, which joined the NZX in June last year.

The Rua offer was for 40 million shares at 50 cents per share, accounting for a total 28.6 per cent stake in the company.

The company aimed to raise $20 million through the IPO, giving the overall business an implied value of $70m.

Rua is chaired by Trevor Burt, who has previously served on the board of PGG Wrightson and several other entities.

The company’s product disclosure statement says it is a pharmaceutical company that is aiming to be a leading producer of cannabinoid-derived medicines.

It was established in 2017 in…

Original Author Link click here to read complete story..

News

BiosciencecannabiscompanydebutsNZXPremiumRua

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.