Moa off to choppy start
Boutique beer brewer Moa's listing got off to a buoyant start on the NZX today, with the stock opening 10c above its debut price to recently trade at $1.32.
Moa shares opened at $1.35 reflecting the high levels of demand for the brewer, with the $1 million worth of publicly available stock oversubscribed by 124 per cent and hopeful investors allocated only a portion of the shares they had applied for.
The firm also raised an additional $15m through allocations to institutional investors and clients of NZX firms. In total 38.4 per cent of the company was sold to retail and institutional investors.
The shares dropped to $1.30 apiece within minutes of floating as profit-minded investors sold into the deal, but pent up demand saw Moa recover to trade at the current level.
"We are delighted with the support for the offer from all investors; however we simply can't satisfy all applications," the company said in a statement filed with the NZX today.
"We hope these people can support Moa post-listing by looking to buy on-market and enjoying the Moa range of beers."
The brewer plans to spend the capital raised on extending its operations in Blenheim, which will lift bottle handling capacity from 14,000 to 50,000 cases a month in under a year.