Financial information included in the 132-page glossy prospectus shows the company forecasting revenue of $4.4 million this financial year, rising to more than $8.6 million in 2014.
The operating loss of $3.6 million this year is reduced to a loss of $2.7 million in the following year. No dividends are expected in the period and no tax is forecast to be paid for at least the next two years. Finance costs are kept at a reasonable level but depreciation rises sharply to $523,000 in 2014.
In a statement yesterday, the company said the share offer price had been set at $1.25 a share after a book build to institutional investors and NZX firms on Tuesday.
At that final price of $1.26 million, 12.8 million shares would be offered to the public, including oversubscriptions, and Moa was expected to have a market capitalisation of about $38 million.
Moa chief executive Geoff Ross said the offer received strong support from brokers and a range of institutional investors, together with further investment from existing major shareholders the Business Baker, Pioneer Capital and Allan Scott Wines.
The $15 million offer was oversubscribed by more than twice the amount sought, and applications were scaled accordingly.
"This shows New Zealand investors believe in growing New Zealand businesses on the world stage."
The company's investment statement is a glossy document featuring attractive women serving or drinking beer, one of them unclad while riding a horse.
Outside advertisers also feature in the statement, including Aston Martin, Ecoya (founded by Mr Ross) and Beretta. Some of New Zealand's Olympic rowers also feature.
Mr Ross said he believed it was the first investment statement to contain paid third-party advertising. The intention was to create a document people wanted to take the time to read properly.
More than 1500 New Zealand investors had registered their interest in the issue. Joint lead managers were Forsyth Barr and Craigs Investment Partners.
Moa is New Zealand's first locally listed brewery since 2009 when Lion departed after being bought by Japanese brewer Kirin.
Moa plans to use the funds to build a bigger brewery in Marlborough and to increase working capital and marketing activities.
