Australian boutique beer company Little World Beverages has had a successful float on the Australian Stock Exchange.

The brewer, in which Lion Nathan is the leading shareholder, announced plans to float in October. 

Little World launched onto the ASX at a 10 cent premium yesterday (10 November) but reached a high of A$1.17. The shares eventually settled at A$1.15, 15 cents higher than its issue price.

The company raised A$21m (US$15.3m) in its IPO, which the company said in October would be used to increase production capacity at the existing Fremantle brewery and to build a new brewery in Western Australia to meet longer-term requirements.