Stock Spirits Group said it would undertake an initial public offering to raise GBP 52 million or USD 84 million. In an emailed statement to Bloomberg, the distiller owned by Oaktree Capital Management, said they would be offering new shares to investors. They would also use the proceeds of the funding to settle part of its debt. This would also enable Stock Spirits to fuel its expansion plans, according to Chief Executive Christopher Heath.
"The main reason we're IPOing is to get our balance sheet in shape so we can fund meaningful acquisitions," he added. The biggest vodka manufacturer in Poland and Italy, Stock Spirits, would be looking for opportunities to expand and acquire companies located in Poland, Russia, Hungary, Latvia and Ukraine.
Heath said the IPO was set to be finished by the end of next month. At least 25% of Stock Spirit's shares would be freely traded because of the public offering.
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