Top Shelf International has announced it will raise $47.2 million for its initial public offering. The company told investors earlier this week that the book for the IPO was anchored by a large spread of tier one institutional investors.
The company distils its own brands - Ned whisky and Grainshaker vodka - from its Campbellfield site in Melbourne. Its facility has the capacity for spirit distillation, maturation, mixing, carbonation along with canning and glass and PET bottling lines for supply into domestic and international markets of non-alcoholic and alcoholic beverages.
TSI also works with small and medium independent beverage producers as they look to expand or export.
Shares will be sold at $2.21 and the company’s market value will be $109.9 million. Its value including debt of $90.5 million is 4.5 times the forecast revenue for FY21.
The book build is due to close today, with the prospectus lodged tomorrow (12 November). It’s expected to start trading on 10 December.
