AoFrio Raises NZ$4.428 Million to Accelerate US and European Growth

Strong Shareholder Backing Secures NZ$4.428 Million

AoFrio Limited (NZX:AOF) has wrapped up its renounceable pro-rata rights issue, successfully raising approximately NZ$4.428 million. The offer, priced at NZ$0.07 per new ordinary share on a 1-for-7 basis, attracted robust demand from shareholders, with oversubscription applications fully accepted. In total, 63.25 million shares were applied for, including nearly 22 million under the oversubscription facility.

Capital to Fuel International Expansion and Innovation

Chair John Scott emphasised that the capital raise, combined with a recent placement, reflects investor confidence in AoFrio's strategic direction. The funds are earmarked to accelerate the company's expansion into the US and European markets, where growth opportunities in cold drink equipment remain significant. Additionally, AoFrio plans to advance its AI and next-generation innovation efforts within its core technology, aiming to maintain a competitive edge in an evolving sector.

New Product Launches Target Food Retail Segment

Beyond cold drink equipment, AoFrio is preparing for the formal launch of its Food Retail solution, signalling a diversification into adjacent markets. This move is designed to capture demand across multiple segments, leveraging the capital raised to fund development and market introduction. The company anticipates allotting the new shares around 25 June 2026, with quotation to follow shortly after.

Context of Recent Capital Raises and Market Challenges

This rights issue follows a NZ$4.56 million placement to Wairahi Investments earlier in 2026, underscoring a concerted effort to back an ambitious growth plan targeting NZ$300 million revenue by 2030. While AoFrio has faced headwinds such as a 28% revenue drop in Q1 due to US tariffs affecting a major motor customer, it is banking on its IoT product launches and international expansion to stabilise and grow its revenue base over the medium term.