Fah Mai Holdings, a company registered in the UK, US and Thailand is recruiting IPO investors for a unique flotation that will see the group’s high-end whisky collection traded on the Nasdaq.
In an email sent out to prospective UK investors, Fah Mai stated that the “world's first publicly traded whisky collection with its own bottling brand (and) distribution network” will IPO on January 26, 2024.
According to the email, funds raised will go to building a distillery. Further information on the IPO was unavailable, but Proactive has reached out for more details.
Fah Mai Holdings was incorporated in the UK in June 2017 by director Louis Haseman.
Prior to that, Fah Mai reversed into US blank cheque company Finch Street Acquisition Corp to become a US-listed company.
In filings with the US Securities and Exchange Commission (SEC), Fah Mai called itself “an early-stage company whose current business is in acquiring, holding and divesting alternative assets, specifically rare whisky and similar commodities that the company expects to increase in value".
Fai Mai also cited plans to open a string of members-only clubs “to cater to rare liquor connoisseurs and high net worth individuals, which shall also function as distribution and marketing centers for the divestment of its assets”.
A brochure on the Fah Mai website states: “Mr Haseman started with his own modest collection of rare Scotch and watched the value grow astoundingly over the last 15 years at an average rate of 20-25% per annum, greatly outperforming his investments in gold and other indexed commodities over the same period of time. This became the initial catalyst that drew his attention to the potential of investing in Scotch on a larger scale.”
Through Fah Mai’s subsidiary Platinum Cask Ltd, Fah Main developed a whisky-investing concept called “cask fractions”, referring to ownership of a percentage of the contents of a cask.
Since spirits tend to evaporate while ageing in a cask (known as the angel’s share), cask fractions allow an investor to retain an equal percentage of the contents of a whisky barrel.