Innovation Beverage Group, an Australian distiller with a portfolio of alcoholic and non-alcoholic beverage brands, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the year ended December 31, 2022.
The Seven Hills, Australia-based company now plans to raise $6 million by offering 1.4 million shares at $4. The company had most recently filed to offer 2.5 million units at $4.15. At the revised terms, Innovation Beverage Group will raise 46% less in proceeds than previously anticipated.
Because the company is expected to have a post-IPO market cap of less than $50 million, Innovation Beverage Group will be excluded from Renaissance Capital's 2023 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 $5 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol IBG. Aegis Capital Corp. is the sole bookrunner on the deal.
