22nd Oct 2013 08:27
LONDON (Alliance News) - Stock Spirits Group PLC Tuesday priced its London listing at 230 pence per share, valuing the company at GBP470 million.
The company announced its intention to float on the London Stock Exchange last month and said it hoped to raise around GBP52 million to support its growth plans.
The offer comprises 22.1 million new ordinary shares and 87.9 million existing ordinary shares.
As stabilising manager on behalf of the syndicate, J.P. Morgan Securities PLC has been granted an over-allotment option of up to 16.5 million shares by existing Oaktree Capital Management shareholders, representing a 15% stake.
Stock Spirits said immediately following admission, the Oaktree shareholders will hold 38.3% of the ordinary shares which are subject to a 180 day lock-up.
The company posted revenues of EUR153.1 million in the first-half of 2013, with a gross profit of EUR79.2 million, both well up on the previous year figures.
It says it has the largest market share of any company in the Polish and Czech spirits markets, and is the biggest seller of vodka in both countries with just over 37% of the Polish vodka market.
Exchange and the commencement of unconditional dealings are expected to take place at 8.00BST on October 25.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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