Innovation Beverage Group, an Australian distiller with a portfolio of alcoholic and non-alcoholic beverage brands, revised the terms for its upcoming IPO on Tuesday.
The Seven Hills, Australia-based company now plans to raise $10 million by offering 2.5 million units at $4.15, with each unit containing one share of common stock and one warrant, exercisable at an undisclosed price. The company had most recently filed to offer 2.1 million shares at a range of $4 to $6, and originally filed to offer 1.7 million shares at that same range. At the proposed price, Innovation Beverage Group will raise -2% less in proceeds than previously anticipated.
Because the company is offering units with warrants attached, and is expected to have a post-IPO market cap of less than $50 million, Innovation Beverage Group will be excluded from Renaissance Capital's 2022 IPO stats.
Innovation Beverage Group was founded in 2018 and booked $4 million in sales for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol IBG. EF Hutton is the sole bookrunner on the deal.
