Shares in the Marlborough beer company, Moa, have closed up 4 cents to $1.29 after its first day as a listed firm.
Moa Group's initial public offering was to raise $15 million by way of allocation to institutional investors and up to $1 million in a public pool.
The public pool allocation closed oversubscribed by more than 124% which means many people will miss out and others will be scaled back.
Moa Group chief executive Geoff Ross says the company is in a competitive industry but he's confident of strong returns for investors.
