Share issue

Scotch Malt Whisky Society owner valued at £78m

Scotch Malt Whisky Society

On the market: shares have begun trading

Shares in the Artisanal Spirits Company, owner of The Scotch Malt Whisky Society, were priced at 112p giving it a value of £77.96 million ahead of trading beginning today on the Alternative Investment Market.

The shares rose to a small premium to the offering price at the open, trading in the first hour at 117.5p.

The IPO has raised £26 million from an issue of 69,605,774 ordinary shares. This includes gross proceeds of £15m for the company and £11m for certain selling shareholders.

There was strong support from SMWS members who invested £2.64m under the oversubscribed members’ offer which was restricted to UK members. New chairman Mark Hunter invested £1m.

Nplus1 Singer Capital Markets acted as sole bookrunner and placing agent, and Nplus1 Singer Advisory has been retained as nominated adviser and broker.

Mark Hunter

Mark Hunter: invested £1m

Net proceeds will primarily be used to fund further investment in whisky and other spirits stock, and in cask wood; the promotion of membership and business growth; existing and new venues; brand and digital development; and supply chain optimisation.

David Ridley, executive managing director, said: “The successful fundraise and move onto the public markets, which gave our loyal and discerning members the opportunity to become shareholders, is an exciting landmark for both ASC and SMWS.

“Our members are at the heart of everything we do, and we believe our status on AIM will enable us to access the capital required to bring them an even wider variety of premium, limited edition whiskies, spirits and inspiring experiences. 

“ASC is a distinctive, fast growth, direct to consumer online business with high barriers to entry, operating in an industry with strong tailwinds.

“With a clear vision for the future, we believe our company is at a significant inflection point in its development, and are thrilled by the prospect of sharing our success with our new shareholders.

“I would like to take this opportunity to thank our team as well as our members, suppliers and investors for their support over the years. They have made ASC and SMWS what they are today and I look forward to moving into this exciting new chapter in our story with them all.” 

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