6, Nov 2021
Step One Debuts on the ASX
For him, it’s about building a long-term, profitable company that sells its products online.
Step One, which makes nutritional products, raised $81.3 million through its initial public offering (IPO) at a price of $1.53. The stock rose sharply in its first day of trading and ended the day at $2.75, up 79.7 per cent from its issue price.
Mr Taylor was a rower who represented Australia at the world championships in 1991. He came up with the idea for the bamboo-based underwear after suffering from the uncomfortable sensation of wearing cotton clothes.
Taylor had already fully owned the company before the listing. He now has a controlling stake in the company.
Taylor was captivated by the potential of Step One, and was glad that his parents could come to Sydney for the official listing ceremony.
Taylor said the company would not go over the top in celebrating its success. Instead, it planned a small dinner party.
David Gallop is the chairman of Step One. He used to be the head of the Football Federation Australia’s football operations.
About $12 million of the fund will be used for advertising and brand development for an entry into the US. Mr Taylor said the company was looking at a potential market of about $10 billion.
Revenue is expected to grow by 20 per cent to $73.9 million in 2022 from $61.8 million in the previous year. Net profit is also expected to climb to $10 million.
Repeat purchases by customers are Step One’s key revenue source. It has a 6 per cent market share in the men’s underwear market.
In his early days, Mr Taylor had to borrow money from friends and family to launch the company.