Big Island Brewing has ditched plans for a A$10m (US$7.9m) listing on the Australian Stock Exchange due to market volatility.

The Western Australia-based brewer said today (17 August) that it has decided to stay private after raising A$15m from private investors, despite recent plans to list this month.

Big Island's executive chairman Mick Stroud told local reporters: "It's due to a number of factors, the market volatility and we were approached by numerous private equity individuals during the raising process."

Stroud indicated that the money raised would be invested in the launching of a brewery, adding that the company plans to focus on producing premium beer, having already recently purchased a site in Perth.