LONDON Oct 8 Stock Spirits is offering to sell
shares at between 210 pence and 260 pence each in its London
listing, two sources close to the deal said, valuing the vodka
maker at as much as 520 million pounds ($836 million).
The company, majority owned by U.S. private equity group
Oaktree Capital Management, plans to sell a stake of
between 35 and 55 percent in the offering, the sources said on
Tuesday, as Stock Spirits began taking orders for the shares.
The offer would value the British-based drinks firm, the
biggest vodka producer in Poland and the Czech Republic, at
between 420 million pounds and 520 million pounds, one of the
Both Oaktree and company management plan to sell shares in
the offering, due to be completed this month, although Oaktree
will remain the group's largest shareholder following the float.
Stock Spirits also plans to raise 52 million pounds from the
sale of new shares to pay down debt.
The company, whose drinks range from upmarket Polish vodka
Czysta de Luxe to fruit-flavoured liqueurs and Spanish brandies,
was established in 2007 when Oaktree merged Czech business Stock
with its Polish counterpart Polmos Lublin, which the private
equity group had acquired a year earlier.
Oaktree looked at selling the company in 2011, pursuing a
possible deal with the world's biggest spirits group Diageo
and then later considering a listing on the Warsaw
bourse before eventually deciding to keep hold of it.
JP Morgan and Nomura are acting as joint
global co-ordinators and joint bookrunners on the initial public
offering, while Jefferies is also a joint bookrunner.