Australian craft brewer Oz Brewing is reportedly accelerating the construction of a microbrewery for its flagship brand Mad Monk, after closing its IPO.

Local reports said today (8 December) that the brewer had raised A$1.5m (US$1.2m) from the sale of 7.5m shares.

Oz Brewing plans to use the proceeds to begin production of Mad Monk at its Fremantle brewery in Fremantle, Western Australia. The boutique brewer plans to list on the Australian Stock Exchange before Christmas.

The reports said that Oz Brewing wanted to speed up work at its Mad Monk Brew and Cafe complex in order to commence trading in the first quarter of 2007.

The brewery-brasserie complex at Fremantle would be a pace-setter, MD Trevor Pugh told the Australian Associated Press.

"This is a real point of difference for the boutique brewery sector. Oz Brewing fits well into this niche and is set on winning significant market share."

Oz Brewing will have 37.5m shares on issue and be capitalised at listing at A$7.5m.