Innovation Beverage Group on Tuesday said it planned to offer 1.7 million ordinary shares in its planned initial public offering.
The company said it expects the IPO to price at $5 per share, the midpoint between an assumed offering range of $4 to $6 per share. The company also said it applied to list on the Nasdaq Capital Market under the symbol IBG.
The Australian company said it makes and sells alcoholic and non-alcoholic beverages, adding that “our focus is on premium and super premium brands.”
Innovation Beverage’s brands include Australian Bitters Co., BitterTales and the non-alcoholic spirit brand Drummerboy.
In a filing with the U.S. Securities and Exchange Commission, Innovation Beverage said it had revenues of $3.7 million for the year ended Dec. 31, 2021,and revenues of $2.2 million for the year ended Dec. 31, 2020.
EF Hutton is listed as the offering’s sole book-running manager.