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Beer maker Broo makes strong market debut

AAP logoAAP 14/10/2016

An emerging brewer with its eyes on China has enjoyed a strong debut on the share market, adding $4.2 million to its value.

Shares in Broo soared 40 per cent in their first day of trade, up eight cents from their issue price of 20 cents, taking its market value to $14.8 million.

Broo currently makes two beers - Broo Premium Lager and Australia Draught - which it markets as premium mainstream beers, rather than craft beers.

They are currently brewed in another company's brewery in NSW, and Broo has plans to establish its own facility.

It has also signed a supply and distribution agreement to brew and sell Broo Premium Lager in China, the world's largest beer market by volume.

It raised $10.5 million through the issue of 52.5 million shares ahead of its market listing, and those funds will be used to expand its operations in Australia and China.

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