2023-10-25 18:51:04
Kaluga distillery Kristall is going to conduct an initial public offering (IPO) on the Moscow Exchange in December 2023, company owner Pavel Pobedkin said at a presentation for analysts. His words are reported by a Vedomosti correspondent.
The plant plans to raise 1-1.5 billion rubles during the IPO. The share of free-float (free float shares) will be 15%. The minimum cash-in (the mechanism by which funds enter the company’s capital through an additional issue of shares) will be 1 billion rubles.
According to Pobedkin, the company intends to begin paying dividends in 2025. They will amount to at least 80% of net profit.
The organizer of the placement will be the Finam investment group, Vedomosti previously wrote.
Pobedkin predicted high demand for the company’s securities from individuals. Among the attractiveness factors for investors, the company’s management names the expected growth rate of the company in terms of revenue until 2026 at a level above 60%. The target margin by this date according to the plan should be 19%. The company also considers a clear development strategy and experienced management to be an advantage.
The company’s current investment program for the next three years amounts to RUB 2.5 billion. RUB 1 billion will be allocated to promote new products being released, including replacing departed brands, and to build warehouse capacity of 15,000 sq. m. m – 600 million rubles. A total of 900 million rubles will be spent on increasing the number of production lines (construction of a blending department and alcohol storage facility). Of these, 500 million rubles. already invested.
The company plans to occupy an 18% share of the alcoholic beverages market by 2026, according to the company’s presentation. In monetary terms, the market volume is estimated to be 126 billion rubles. Management plans to grow revenue five times and increase EBITDA (the company’s earnings before interest, taxes, depreciation and amortization) by 10 times. The share of sales in liters will increase by 17 p.p. in 2026 relative to 2022, in money – it will increase by more than 17 p.p.
Management claims that the company will be among the top 10 vodka producers in the market in 2023.
In March 2023, Kristall entered the debt market for the first time, placing three-year bonds worth RUB 300 million on the Moscow Exchange. with a quarterly coupon and a yield to maturity of 14.21%. The company’s credit rating from Expert RA was ruB+ (low level of creditworthiness and financial reliability).
Novabev Group (formerly Beluga Group). In 2008, the issuer raised regarding $190 million, and the entire company was valued at $1 billion. The second alcohol company was “Abrau-Durso” – in 2012, the company raised regarding $13 million, it was valued at approximately $131 million. Mercury Retail Group, which manages the Krasnoe and Beloe and Bristol retail chains, planned to hold an IPO on the Moscow Exchange in 2021, but postponed the placement “from -for the market situation.”
The Kristall plant is located in Obninsk (Kaluga region); in 2022, the enterprise produced 1.35 million dal of alcoholic beverages. The owner of the company is businessman Pavel Pobedkin, as follows from SPARK data.
For the first half of 2023, Kristall’s revenue amounted to 1.4 billion rubles, almost doubling year-on-year. Net profit reached 31 million rubles. (+3.33%). The main product of the plant is vodka, sales of which account for 95% of all revenue.
Kristall’s portfolio includes the flagship brands Solovushka, Bionica, Voronetskaya and Charochka; under the contract, the company also bottles Khortytsya. In 2022, the plant produced an analogue of the German liqueur Jagermeister.
The company’s products are sold both in large federal retailers – X5 Group, “Magnet», «Tape“, “Globus”, “Auchan”, “Atak”, and in regional networks of the central part of Russia, the Urals, the North Caucasus and North-Western federal districts.
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