Whilst shares like CSL Limited (ASX: CSL) and Cochlear Limited (ASX: COH) and their $100+ share prices may grab a lot of the headlines, I believe there are a number of exciting shares on the ASX that go largely unnoticed at a fraction of the price.

Not all investors have time to scour the lower reaches of the market, so I’ve decided to do it for you today. I’ve picked out three shares trading at less than 50 cents, which I believe would definitely be worth adding to your watch list today.

Gage Roads Brewing Co Limited (ASX: GRB)

Gage Roads Brewing Co is a small company that brews, packages, markets and sells craft beer, cider, and other beverages. Its largest customer Woolworths Limited (ASX: WOW), is also its largest shareholder with a 24% stake. Although it is just a small player, I believe its award-winning drinks certainly will help it gain traction in the industry. Last month its Little Dove Draught won two awards at the Australian International Beer Awards, causing keg demand to surge in Victoria and New South Wales. The company expects to start bottling Little Dove in time for summer, which I feel could prove to be a boost to sales.

DTI Group Ltd (ASX: DTI)

DTI provides integrated surveillance systems and fleet management solutions for the mass transit industry worldwide. In the last couple of months the company has won three key contracts to supply its systems for metro police vehicles in South Africa and the rail systems of US cities Philadelphia and Dallas. Management has stated that it has a global list of prospects standing at around $388 million at present, showing a lot of potential growth ahead for this fledgling company.

Nearmap Ltd (ASX: NEA)

Nearmap is a growing photomapping software as a service company which I believe could have a very bright future ahead of it. It recently announced a new contract said to be worth around $1 million from one of Australia’s largest digital infrastructure companies. With seven consecutive quarters of revenue growth, I wouldn’t be surprised to see this new contract help make it eight in a row. The growth of its US operations will be key in the future in my opinion, and so far I have been very pleased with the progress it has made since implementing a paywall on its US services late last year.

Foolish takeaway

I believe all three of these shares could be great long-term investments. But because small cap shares are more risky than blue chip shares, I feel they may be unsuitable for investors with a low risk profile.

Instead I believe these three fantastic new breed blue chip shares could be great additions to your portfolio. They pay fully franked dividends and could provide share price gains in the months ahead.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.