Oct. 10 (Bloomberg) -- Stock Spirits Group, the central European distiller owned by Oaktree Capital Management LLC, got a full take-up of shares in an initial public offering, according to two people familiar with the deal.
The shares were offered in a range of 210 pence to 260 pence each, said the people, who declined to be identified as the details have not yet been made public. The price range implies a market value of 420 million pounds ($685 million) to 520 million pounds, terms of the sale earlier this week showed.
The interest in Stock Spirits, which will start trading Oct. 22, follows demand for Royal Mail Group Ltd., whose retail offering was seven times oversubscribed. They both come to the market on the heels of a quarter where IPO volume in Europe rose about sixfold as the region’s economies strengthened and concern about a debt crisis eased, data compiled by Bloomberg show.
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. Stock Spirits will seek about 52 million pounds, it said Sept. 26.
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 term sheet earlier this week. 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 ($396 million) in 2012. The distiller said in 2011 it would continue to be owned by Oaktree after potential bidders including Diageo Plc and Bain Capital LLC balked at an asking price said at the time to be more than 700 million euros.
The IPO would leave 35 percent to 55 percent of the company publicly traded, according to terms of the sale.
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