Private equity-backed vodka maker Stock Spirits scores £207m IPO

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European alcoholic drinks company Stock Spirits has raised £206.5m though its London listing today, valuing the company at £470m.

The shares priced at the mid-point of its target range at 235p each, with the additional sale of new shares raising £52m.

The company, which is backed by Oaktree Capital Management, was previously touted to Diageo in 2011 with a flotation on the Polish stock market also considered.

Stock Spirits has just over a third of the Polish vodka market share, and had adjusted EBITDA of €34.3m for the first half of 2013, up from €28.5m for the same period last year. Oaktree holds 38.3 per cent of the company’s shares, subject to an over-allotment option that could see the offering raised by 15 per cent.

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