The company will place more than 69.6 million shares at a price of 112p.

Founded in 1983, the Edinburgh-based SMWS’s aim is to share the world’s best-curated whiskies, bringing them to life through tasting events, content and other member activities. Each month it offers members exclusive access to a range of limited-edition, single cask bottlings; and hosts members in its four venues in the UK and around the world in over 100 partner bars.

Artisanal Spirits bought SMWS from Glenmorangie in 2015.

It was revealed in April that Artisanal Spirits was pursuing an initial public offering having hired the investment bank N+1 Singer to assess financing options.

Last month, Scottish Financial News reported that the company had secured a £19.5m package from Royal Bank of Scotland and Lombard to continue the firm’s ambitious development plans.

The market listing will supply the company with a further £15m while existing shareholders will sell £11m worth of their holdings. The money is to be used to buy more stock, improve marketing and strengthen its supply chain. The potential for further venues on top of existing outlets in London, Glasgow and Edinburgh is also on the drawing board.

Gavin Hewitt, a former chief executive of the Scotch Whisky Association trade body, and Lesley Jackson, previously a finance executive at William Grant, are among the non-executives who will form part of the board.

Also joining the board are Helen Page, from Virgin Money, and Mark Bedingham, an adviser to Artisanal Spirits’ largest shareholder, Inverleith. Paul Skipworth, managing partner of Inverleith, will become deputy chairman. Mark Hunter, who formerly ran Molson Coors, had already been announced as the chairman.

Inverleith, a private equity firm, is reducing its holding from 28.4% to 17.5%. Ben Thomson, the Inverleith chairman, is trimming his stake from 10.1% to 8.2% while Mehdi Shalfrooshan, formerly of Bank of America Merrill Lynch, will go from 11.5% to 8.3%.