Shares in Broo Limited, the Australian beer company, jumped by 20% on debut on the ASX today.
A short time ago, the shares were trading at 24 cents.
Broo, which produces Broo Premium Lager and Australia Draught, raised $10.5 million through 52,500,000 ordinary shares at 20 cents each.
“We are striving to build a unique Australian beer company that distinguishes itself from our competitors through our strong brands, company ethos, unique marketing platform and quality beer products,” says Kent Grogan, founder and executive chairman of Broo.
The company plans expansion throughout Australia and into the lucrative China market. Broo has an agreement for the brewing, distribution and sale of Broo Premium Lager in China.