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Australia’s Innovative Beverage Group (IBG) has filed to hold a $20M US initial public offering.
The beverage marketer didn’t state in its filing the number or pricing of the units to be offered, but an attached filing fee schedule indicated it was seeking to raise around $20M through the sale of units and potentially another $21M from the exercise of certain warrants.
Innovative Beverage hopes to list its shares on Nasdaq under the symbol IBG. EF Hutton is serving as sole bookrunner.
Based in Seven Hills, Australia, Innovative Beverage markets 13 alcoholic and non-alcoholic beverage brands, including Drummerboy and Australian Bitters Company. For 2021, the company reported net income of $32K on net revenue of $3.8M.
Innovative Beverage said that it plans to use $600K of the IPO proceeds to help pay for its acquisition of US-based Reg Liquors, also known as Wired for Wine.
For more IPO news, check out SA’s IPO News page.
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Image and article originally from seekingalpha.com. Read the original article here.