Bloomberg News

Stock Spirits to Be Valued at Maximum of $835 Million in IPO

October 08, 2013

Stock Spirits Group, the central European distiller owned by Oaktree Capital Management LLC (OAK:US), is selling shares in an initial public offering at 210 to 260 pence apiece, according to terms of the sale seen by Bloomberg News.

The price range implies a market capitalization of 420 million pounds ($675 million) to 520 million pounds, the terms show. The London sale closes on Oct. 21 and the stock will start trading the next day.

Stock Spirits, the largest vodka maker in Poland and Italy, comes to the market for a second time on the heels of a quarter where IPO volume in Europe rose about six-fold as the region’s economies strengthened and fears of a debt crisis eased, data compiled by Bloomberg show. Stock Spirits will seek about 52 million pounds through the sale, it said Sept. 26.

Oaktree, which had attempted to list the distiller in 2011, plans to remain the largest shareholder after the transaction, though the company will sell some stock in the IPO.

The range at which the shares are being offered implies a price to 2014 estimated earnings multiple of 11.8 times to 14.6 times, according to the terms. JPMorgan Chase & Co. and Nomura Holdings Inc. are managing the sale.

Stock Spirits, which was bought by Oaktree in 2007, reported revenue of 292.4 million euros in 2012. The distiller said in 2011 it would continue to be owned by Oaktree after potential bidders including Diageo Plc (DGE) and Bain Capital LLC balked at an asking price said at the time to be more than 700 million euros ($946 million).

The IPO would leave 35 percent to 55 percent of the company publicly traded, according to today’s terms.

To contact the reporters on this story: Ruth David in London at

To contact the editors responsible for this story: Celeste Perri at; Jacqueline Simmons at

The Good Business Issue

Companies Mentioned

  • OAK
    (Oaktree Capital Group LLC)
    • $51.28 USD
    • -0.30
    • -0.59%
Market data is delayed at least 15 minutes.
blog comments powered by Disqus