By Andy Young
Broo Limited, the producer of Broo Premium Lager and Australia Draught Beer, has launched its Prospectus in respect of its Initial Public Offering.
The Prospectus offers 75 million shares at an issue price of $0.20 cents per share to raise up to $15 million with a minimum share subscription of $10.5 million representing the issuing of 52.5 million shares at $0.20 cents. With existing shares and minimum subscription, Broo’s market cap on listing will be $121.6 million.
Founder and Executive Chairman of Broo, Kent Grogan, said: “The board of Broo are delighted to be working towards the completion of the IPO process and the imminent listing of Broo on the ASX. The launch process brings about many opportunities for Broo to continue its development and expansion throughout Australia and into China.
“We are striving to build a unique Australian beer company that distinguishes itself from our competitors through our strong brands, company ethos, unique marketing platform and quality beer products.”
Broo currently produces Broo Premium Lager and Australia Draught and has said that the funds raised from this Prospectus will be used to pursue its commercial objectives in Australia, including the production, distribution and sale of its products.
Broo has entered into agreements for the production and distribution of Broo Premium Lager in China and has said it intends to start those activities following the completion of the IPO and its listing on the ASX.