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Australia’s Innovation Beverage Group (IBG) has released updated terms for a proposed $10M initial public offering.
Innovation Beverage said in a filing that it is looking to offer 2M ordinary shares priced between $4 and $6, which would raised $5M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 319K additional shares to cover over-allotments. EF Hutton is serving as sole bookrunner.
The company hopes to list its shares on Nasdaq under the symbol IBG.
Based in Seven Hills, Australia, Innovative Beverage markets 13 alcoholic and non-alcoholic beverage brands, including Drummerboy and Australian Bitters Company.
The deal’s latest terms are slightly higher than those proposed in a filing made on Sept. 13, that stated the company was looking to raise nearly $9M.
Innovative Beverage had originally been eyeing a $20M IPO. In an August filing, the beverage maker didn’t provide specific terms but indicated in an attached filing fee schedule that it was seeking to raise around $20M.
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Image and article originally from seekingalpha.com. Read the original article here.