Broo Limited has successfully raised the capital required to list on the ASX, the company announced today.
Broo raised a total of $10.5 million, the minimum subscription target in its prospectus, giving it a market cap on listing of $121.6 million.
“The board of Broo are delighted to have reached this key company milestone as it brings about many opportunities for Broo to continue its development and expansion throughout Australia and into the lucrative China market,” said founder and executive chairman of Broo, Kent Grogan.
Grogan had previously declared Broo’s commitment to remain 100 per cent Australian-owned, which would have prevented it from listing on the ASX.
A company spokesman recently confirmed the foreign ownership restriction had been removed to comply with the ASX rules, “in the interests of a free market and provide all existing shareholders liquidity”.
“A successful ASX listing will enable the company to realise its growth ambitions and capitalise on the enormous opportunities currently on offer,” he told Australian Brews News.
Broo’s securities will be listed on the ASX at 11am on Friday October 14.