Beer drinkers will have no more excuses for not spending a bit more on their hobby, as Moa Group is planning a sharemarket float this year.
The Marlborough brewery, whose head office is in Auckland, is planning a $15 million float to meet growing demand and create funding to support increased working capital and market support.
The offer will be made to the New Zealand public, institutions and existing shareholders, The Business Baker, Pioneer Capital, Allan Scott Wines and Moa senior management.
The Business Bakery is a venture capital investor involving Geoff Ross, a serial entrepreneur who launched both the 42 Below vodka brand, sold to Bacardi, and Ecoya, which listed on the NZX in May 2010.
Mr Ross is chairman of Moa and has with him on the board Gareth Hughes, the former sales manager for 42 Below.
The Moa announcement was the first of up to three rumoured pre-Christmas IPOs for the NZX, BusinessDesk reported.
Companies Office records show the largest shareholder in Moa is Pioneer Capital, a venture capital fund that has attracted government support through its New Zealand Venture Investment Fund, which holds 44.5%.
The Business Bakery is recorded as holding a further 36.4% and the Allan Scott winemaking company holds a further 14.1%.
Proceeds of the proposed float will be used to construct a larger brewery, along with increasing working capital and funds for marketing.
Expressions of interest are being sought through a website, www.ownabrewery.co.nz until October 9.
No money is yet sought. The IPO is subject to acceptance of its shares for listing by the NZX and there will be a small provision for over-subscription.
Joint lead managers appointed for the offer are Craigs Investment Partners and Forsyth Barr.
