Premium brand distributor Castle Brands was valued at $108m ( 89m) on Friday, after selling 3.5m shares at $9. The flotation made paper multi-millionaires out of Boru creators David Phelan and Pat Rigney . . . as well as Patsy McKevitt, whose Terra company bottles Boru, and the Clontarf and Knappogue Castle whiskeys at the old Emmets Liqueur site in Bailieboro.

Rigney's 3.5% stake is now worth $3.2m. Phelan has retained a slightly larger holding, of nearly 4%, now worth about $3.7m. This is on top of about 4m the pair, who have both left the company, took off the table at the time of the merger. McKevitt's holding is worth close to $3m. And Carbery Milk Products, which distils Boru, owns a stake valued at about $8m.

Castle Brands floated at the mid-point of the indicated range. It has never made money, and the prospectus showed it was burning $1m a month. But revenues were up by 83% in the nine months to December, to $17.5m.