An emerging brewer has enjoyed a strong debut on the share market, adding over $4 million to its value.
Shares in Broo jumped 40 per cent on its market debut, up eight cents from their issue price of 20 cents, taking its market value to $170.3 million.
![Drink to that: Broo Executive Chairman Kent Grogan.](/web/20161014170716im_/http://www.smh.com.au/content/dam/images/g/r/c/1/m/3/image.related.articleLeadwide.620x349.gs2oiq.png/1476422929722.jpg)
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 the company has plans to establish its own facility.
Broo 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 operations in Australia and China.
AAP