Innovation Beverage Group, an Australian distiller with a portfolio of alcoholic and non-alcoholic beverage brands, increased the share offering for its upcoming IPO on Thursday.
The Seven Hills, Australia-based company now plans to raise $11 million by offering 2.1 million shares at a price range of $4 to $6. The company had previously filed to offer 1.7 million shares at the same range. At the revised share count, Innovation Beverage Group will raise 25% more in proceeds than previously anticipated.
If the company prices at a market cap of less than $50 million, Innovation Beverage Group will be excluded from Renaissance Capital's IPO stats.
Innovation Beverage Group is a developer, manufacturer, marketer, exporter, and retailer of alcoholic and non-alcoholic beverages. It has a portfolio of 60 formulations across 13 brands, including its flagship brand Australian Bitters Company, which it sells direct-to-consumer (DTC) through its network of e-commerce platforms. Under a lease agreement, Innovation Beverage Group operates a distillery and beverage manufacturing facility in Australia, which has the ability to macerate, blend, import bulk spirits, distill a variety of spirits, and bottle or can products.
Innovation Beverage Group was founded in 2018 and booked $4 million in sales for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol IBG. EF Hutton is the sole bookrunner on the deal.
