21 Dec 2018

Fiji Kava raises $US3.7 million in ASX listing

6:53 pm on 21 December 2018

The first kava company to list on a global stock exchange has raised $US3.7 million in its debut on Australia's ASX.

A kava bowl

A kava bowl Photo: RNZ / Jamie Tahana

Australian company Fiji Kava closed its public offering on Thursday ahead of a planned launch in Australia next year.

Its chief executive, Zane Yoshida, said the listing was a huge milestone for the company.

Fiji Kava, which operates in Fiji under the Taki Mai brand, plans to use some of the money to research other medicinal uses for the drink.

This would include using kava to treat anxiety, insomnia and pain.

The offering Thursday, which included 26 million ordinary shares at $AU0.20 was oversubscribed with strong support from Strategic Global Fund and Fiji Kava's distribution partner, Jacks of Fiji.

Fiji Kava's shares last traded at $AU0.12 on the ASX.