Allied Blenders & Distillers IPO day 3: Issue subscribed over 4X with strong HNI, retail support

Allied Blenders & Distillers IPO day 3: Issue subscribed over 4X with strong HNI, retail support

The initial public offering of Allied Blenders and Distillers was subscribed 4.4 times on the final day of bidding, with investors bidding for 17.3 crore equity shares against the offer size of 3.93 crore shares, according to exchange data.

The Officer's Choice whisky maker intends to raise Rs 1,500 crore through its public issue which consists of a fresh issuance of shares worth Rs 1,000 crore, and an offer-for-sale (OFS) of shares worth Rs 500 crore by promoters.

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Non-institutional investors were at the forefront to support the issue, buying 13.6 times their reserved portion, followed by retail investors who picked nearly 3 times the allotted quota. Qualified institutional buyers are also gradually increasing their bids, subscribing 21 percent of its portion.

Employees bought 7.5 times the portion set aside for them. They will get those shares at a discount of Rs 26 per share to the final issue price.

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Allied Blenders has already mopped up Rs 499.1 crore through its anchor book on June 24. Societe Generale, Goldman Sachs, Troo Capital, BNP Paribas, 360 One Special Opportunities Fund, LIC Mutual Fund, and Jupiter India were amongst investors in the anchor book.

The Maharashtra-based liquor maker is going to utilise net fresh issue proceeds mainly for repaying debts, besides general corporate purposes.

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