Strong demand for Moa shares sees public pool closed early
Demand for shares in Moa Group is too great, forcing the soon-to-list craft beer brewer to close applications for the $1 million public share pool a week early.
The additional general public pool for investors who did not pre-register closed at 5pm today after a significant oversubscription in applications.
But investors who pre-registered on the ownabrewery.co.nz website can still make an application up until 5pm on November 8.
Moa is seeking to raise $15 million in an IPO, offering investors the chance to buy shares at $1.25 each.
Oversubscriptions of up to $1 million are also being offered.
But because applications to the public pool have substantially exceeded available shares, considerable scaling will need to be applied, Moa says in a statement this afternoon.
Priority will be given to applicants who pre-registered for the offer.
“Unfortunately, those who have applied under the public pool and did not pre-register are unlikely to receive an allocation of stock in the IPO and will be refunded in full following settlement of the offer.
"The Moa team looks forward to the future support of these investors upon listing,” the statement says.
Moa chief executive Geoff Ross says he is delighted with the support for the offer from brokers, institutions and the broader public.
“Unfortunately, we simply can't satisfy all applications, but do hope these people will join post listing and continue to enjoy the Moa range of beers.”
Moa is expected to have a market capitalization of about $38 million upon conclusion of the IPO next Friday.
Trading of shares is expected to start on the NZX main-board on November 13.
At the time of the offer, Mr Ross said the company's controversial Prospectus was targeted the 30 to 50 year-old, high income men that Moa seeks as both customers and investors as it pushes to create an identifiably New Zealand brand in the fast-growing boutique beer market, especially the US.
"It is somewhat Mad Men," he said, appealing to "men who want moments of manhood."
The investment statement's advertising and questionable photographs of women in school-girl uniforms raised eyebrows, but got the all-clear from the Financial Markets Authority.
With reporting by Business Desk