VICTORIA-based brewer Broo Limited (ASX:BEE) is trading steady at $0.22 per share in its first morning as an ASX-listed company.
Broo raised $10.5 million through the issuing of 52,500,000 new ordinary shares at the issue price of $0.20 cents.
The company achieved a market cap on listing of AUD $121.6 million with existing shares taken into account.
Broo currently produces Broo Premium Lager and Australia Draught and has strategically positioned its brands and product taste profiles as a traditional but premium independent offering in the mainstream beer market.
Founder and Executive Chairman of Broo, Kent Grogan, says the listing will allow the company to continue its expansion in Australia and 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," he says.
The Company has executed the China Supply Agreement and China Distribution Agreement, for the brewing, distribution and sale of Broo Premium Lager in China, which is the largest beer industry in the world by volume of beer consumed.
Broo has two beer products: Broo Premium Lager, and Australia Draught Beer, which were launched in 2009 and 2014 respectively.
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