E-Malt.com News article: Australia: Little World Beverages makes a strong debut on Australian Stock Exchange

Shares in Australian boutique beer company, Little World Beverages Ltd (LWB), made a successful debut on the Australian Stock Exchange (ASX), opening at $1.10. At 1310 AEDT on Thursday, the shares were at $1.15 on a volume of 488,000, Australian Associated Press communicated on November 10.

LWB, brewers of Western Australian boutique beer Little Creatures, raised $21 million in an initial public offering (IPO), offering shares at $1.00 each. At $1.00 per share, the Perth-based company has an initial market capitalisation of about $59 million.

LWB has said funds raised in the IPO would be used to increase production capacity at the existing Fremantle brewery and to build a new WA brewery to meet longer-term requirements.

The company also hopes to increase its presence in the eastern states through broader sales representation.

LWB chief executive Jason Marinko has said listing on the ASX will capitalise on the positive outlook for the premium beer market.

The company reported a net profit of $2.38 million in 2004/05 and has forecast an increased profit of $2.63 million for 2005/06. LWB was formed in 2000 when a group of friends set about making the flagship Little Creatures Pale Ale beer for their own consumption.


18 November, 2005