It’s official: Kiwi investors will soon be able to buy a piece of Moa Beer, with Moa Group Limited set to proceed with an issue of shares to raise $15 million.
The offer price for the IPO has been set at $1.25 per share. Oversubscriptions of up to an additional $1 million are also being offered for a total of 12.8 million shares.
Moa is anticipating a market capitalisation of approximately $38 million and says the offer has received strong support from brokers and a range of institutional investors, together with further investment from existing major shareholders the Business Bakery, Pioneer Capital and Allan Scott Wines. More than 1,500 New Zealand investors have pre-registered their interest at ownabrewery.co.nz.
The offer will open on October 19 and close three weeks. NZX listing and quotation is tipped for November 13.
Moa would be New Zealand’s first locally-listed brewery since 2009 when Lion was purchased by Japanese brewer Kirin.It plans to use the funds to build a bigger brewery and support increased working capital and marketing activities.
Moa directors have registered a prospectus, and approved an investment statement, the latter of which Moa chief executive Geoff Ross describes as being very "on brand", and potentially the first investment statement to contain paid third party advertisements with companies including
Aston Martin, Working Style and Beretta taking advertising space.
Ross said the intention was to create a document people would take the time to read properly and keep for years to come.
Also included are some 'tips for the Moa man':
* New Zealand is a small country. You may survive burning one bridge but you won't survive burning two. Everyone knows someone who knows you.
* Close your social media accounts. Open books are easy to read and unlocked homes are easy to steal from.
* Never actively seek fame or status. If you're a worthy man it will ﬁnd you by itself, and there's nothing sadder than someone desperate to be liked by others.
* Snipers are only effective because they kill from a distance without revealing their location. If they give away their position they then become the target. Remember this always
* There is no quicker path to poverty than divorce. If you are contemplating an extra-marital liaison make sure you run the numbers first.
* The best advice comes from people who you are not paying to give you advice.