Wellnex Life (ASX: WNX) has secured conditional binding commitments to raise $14.3 million to fund its proposed dual listing on the London Stock Exchange’s (LSE) Alternative Investment Market (AIM) next month.

The company has received interest from UK and Australian institutions and sophisticated investors for a non-renounceable pro-rata entitlement offer of one new Wellnex share for every share currently held at an issue price of $0.65 each.

Eligible investors may subscribe for an additional quantity on the basis that some existing shareholders may fail to take up their full entitlement or be unable to participate for geographical reasons.

Listing capital

The company expects the level of capital commitments – which are conditional on completion of the listing – to reach the necessary minimum amount.

Wellnex forecasts the dual listing will save $1.4m in costs through the elimination of approximately $12.8m in debt.

It will also provide increased exposure and credibility as the company launches its brands into the European market.

The AIM listing remains subject to Wellnex meeting the regulatory requirements for admission, along with the successful completion of the conditional capital raise.

Pivotal moment

Wellnex said in January that the listing would be a pivotal moment in its history.

“The proposed dual listing of Wellnex Life on the LSE will provide access to a deeper pool of capital and investors with a deep understanding of consumer healthcare businesses,” the company said at the time.

“It will enable Wellnex to strengthen its balance sheet to take advantage of the growing market domestically and internationally.”

“Some of the world’s largest consumer healthcare companies are listed on the LSE.”

Pain Away consideration

Wellnex will also use proceeds from the capital raising to pay an outstanding deferred consideration for the acquisition of leading Australian topical pain relief brand Pain Away.

Since the transaction closed in December 2023, Pain Away is reported to have “transformed” Wellnex, with record revenues of more than $3m in November and December 2024.

The joint and muscle pain product range – which consists of 25 different creams, sprays, patches, lotions and tablets – is distributed nationally through more than 6,000 pharmacy and grocery outlets.