AUSTRALIA: Latest public wine float success
Despite predictions of an industry over-supply and toughening export markets, Australia's latest public wine float was a soaring success as shares in Cockatoo Ridge wines shot 64% above issue price on a backdoor listing. They went from A$0.55c (US$0.27) , to A$0.90. The shares, listed through a shell company, are tightly held by institutions and managing director Ivan Limb, who has 20% held in Escrow. Limb said Cockatoo Ridge would now hire marketing staff to boost exports. The brand currently sells about 200,000 cases in Australia with only 20,000 exported.
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