Glucose Health, which sells branded beverage mixes aimed at diabetics managing their blood sugar, announced terms for its IPO on Monday. The company is currently listed on the OTC under the symbol "GLUC".
The Bentonville, AR-based company plans to raise $9 million by offering 2.1 million shares at $4. As part of the prospectus, but separate from the underwritten offering, selling shareholders are registering an additional 1.3 million shares that may be sold from time to time after the listing. At the proposed price, Glucose Health would command a fully diluted market value of $26 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, Glucose Health will be excluded from Renaissance Capital's 2023 IPO stats.
The company states that is involved in the formulation, manufacturing, marketing, and distribution of soluble fiber infused nutritional beverages. With an emphasis on serving pre-diabetic and diabetic customers, Glucose Health first registered its signature brand, GLUCODOWN, in 2017 and sells fiber infused powdered iced tea and flavored drink mixes throughout North America. Additionally, Glucose Health plans to launch a second product line currently under development called FIBER UP, a ready-to-drink beverage designed for adults ages 45 and older.
Glucose Health was founded in 2007 and booked $1 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol GLUC. EF Hutton is the sole bookrunner on the deal.
