UK: Stock Spirits valued at GBP470m as shares priced for IPO
Stock Spirits' shares will start full trading in London on Friday
Stock Spirits has set an offer price of GBP2.35 per share for its initial public offering (IPO) in London, valuing the company at around GBP470m (US$757.9m).
The UK-headquartered spirits group is offering 22,127,660 new ordinary shares and 87,872,340 existing ordinary shares, representing around 55% of the firm's share capital, it said today (22 October). Conditional dealings on the ordinary shares started this morning on the London Stock Exchange. At 1037 GMT, the shares were trading at GBP2.21.
The IPO will raise around GBP258.5m, the company said, including GBP206.5m from accounts managed by its majority-shareholder Oaktree Capital Management.
Last month, Stock Spirits CEO Chris Heath told just-drinks the funds would be used to target acquisitions in new Central and Eastern European markets.
Heath said today: “I am delighted with the success of the offering and the strong response from global investors demonstrating their support of the company’s ambitious growth plans."
Full trading in the shares is due to start in London on Friday (22 October).
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