Boutique brewer Moa in $15m pre-Christmas IPO

(BusinessDesk) Beer enthusiasts will get a new opportunity to "drink the profits" by subscribing for shares in the Moa Group, which is planning a $15 million NZX float by the end of the month.

Headquartered in Auckland but brewing in Marlborough since 2004, the award-winning brewery is allied to the Business Bakery, a venture capital investor involving Geoff Ross, a serial entrepreneur who launched the 42 Below vodka brand, sold to Bacardi for $138 million, and Ecoya [NZX:ECO], which listed on the NZX in May 2010.

On July 6, NBR reported Moa was seeking $20 million from investment banks.

The Moa announcement is the first of up to three rumoured pre-Christmas IPOs for the NZX.

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%. The three major shareholders own some 95% of the company.

Proceeds of the proposed float will be used to build 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 Tuesday, October 9, with retail, institutional and existing shareholders all eligible to participate. No money is yet sought. 

The site does not provide any financials.

The IPO is subject to acceptance of its shares for listing by 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.