Investor appetite for Broo Limited in spite of its “ludicrous” market valuation suggests there is scope for other brewers to follow the IPO path, says Select Equities co-founder Danny Goldberg.
Broo Limited opened its fourth day on the ASX with a market cap of $288 million, the brewer’s shares having last traded at 250 per cent higher than the issue price.
Broo Limited has successfully raised the capital required to list on the ASX, the company announced today.
Australian Brewery has failed in a bid to register a trade mark that was ruled to be “deceptively similar” to that of the Australia Draught beer brand owned by Broo.
The company behind Broo Premium Lager aims to list on the ASX with a projected market cap of $122 million, despite recording significant losses for the last three years.