Westcoast Brewing Limited - Initial Public Offer

Westcoast Brewing Limited is seeking to issue 6,000,000 ordinary A shares at a price of NZD 0.34 per share.

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About the company:

Buy shares and get free beers, says brewery

Paddy Sweeney has come up with a not-so-subtle way to coax investors into the venture he hopes will be worth $100 million in six years.

He is offering them free beer.

The West Coast Brewery founder yesterday laid out the company's welcome beer-mat for its New Zealand initial public offering.

You get two dozen bottles of selected brews with every $8500 investment. The amount of beer increases as the investment gets bigger.

And whenever there is a new beer, West Coast Brewery will deliver a six-pack to all investors.

"If someone puts in $85,000 I'd happily welcome them in with 20 dozen," says Sweeney, a fourth-generation Coaster.

"The free beer is just a gesture, but it shows what we are about - we want investors to have a bit of fun," Sweeney said.

The offer at 34c a share for West Coast Brewery has so far raised nearly $1 million. It is aiming for $2 million and can go as high as $3 million.

Sweeney said he would consider a sharemarket listing and franchising in the future.

West Coast Brewery took over Westport's Miners Brewery in March.

The company is also seeking to raise up to $5 million in Australia.