Officer's Choice whisky maker Allied Blenders' IPO subscribed 51% on Day 1

The initial public offer of Allied Blenders and Distillers, the maker of Officer's Choice Whisky, received 51 per cent subscription on the first day of bidding on Tuesday.

The Rs 1,500-crore initial share sale received bids for 2,01,69,680 shares against 3,93,71,669 shares on offer, as per NSE data.

The category for non-institutional investors received 87 per cent subscription while the Retail Individual Investors (RIIs) part got subscribed 63 per cent. The Qualified Institutional Buyers (QIBs) portion received 2 per cent subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 500 crore.

 

The initial share sale has a price range of Rs 267-281 a share.

Allied Blenders and Distillers Ltd on Monday said it raised Rs 449 crore from anchor investors.

Proceeds from the fresh issue worth Rs 720 crore will be used for the payment of debt, and a portion will be used for general corporate purposes.

With a market share of over 8 per cent in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in fiscal 2023, Allied Blenders and Distillers is engaged in the manufacturing, marketing and sale of alcoholic beverages in India and abroad.

The product portfolio of the firm comprises several brands of IMFL in whisky, brandy, rum and vodka.

Some of the major brands of the company include Officer's Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum and Class 21 Vodka.

ICICI Securities, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) and ITI Capital are the book running lead managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and NSE.


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