Allied blenders and Distillers IPO opens on June 25; check all the key details

20/06/2024

Allied blenders and Distillers will launch its initial public offering (IPO) on Tuesday, June 25 and investors can apply for the issue until Thursday, June 27. The brewery player has announced to fix its price band in the range of Rs 267-281 apiece. Investors can apply for a minimum of 53 equity shares and its multiples thereafter.

Allied Blenders and Distillers, Incorporated in 2008, is an Indian-made foreign liquor (IMFL) company. The company offers five Indian-made foreign liquor categories: whisky, brandy, rum, vodka and gin. In addition, they sell packaged drinking water under the Officer's Choice, Officer's Choice Blue, and Sterling Reserve brands.

The company is looking to raise a total of Rs 1,500 crore via IPO, which includes a fresh share sale of Rs 1,000 crore and an offer-for-sale (OFS) of Rs 500 crore by its promoters- Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev. The anchor book for the issue opens on June Monday, June 24.

The net proceeds from the fresh issue shall be used towards prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the company and general corporate purposes. Proceeds from the OFS shall go to the selling shareholders of the company.

Allied Blenders and Distillers' products were exported to 22 international markets, including the Middle East, North and South America, Africa, Asia, and Europe as of December 31, 2021. The Officer's Choice Whisky was introduced in 1988 as the company's foray into the mass premium whisky market. It is one of the most-selling whisky brands in the world.

Allied Blenders and Distillers owns and operates a distillery in Rangapur, Telangana, which is spread over 74.95 acres and has a built-up area of over 25,000 square meters. The company's in-house distillation capacity of extra neutral alcohol (ENA) is 54.75 million litres annually. The company also have extensive bottling capabilities across India.

Allied Blenders and Distillers reported a net profit of Rs 4.23 crore with a revenue of Rs 5,914.98 crore for the nine-months ended on December 31, 2023. The company's net profit came in at Rs 1.60 crore with a revenue of Rs 7,116.75 crore for the financial year 2022-23.

The company has reserved shares worth Rs 3 crore for the eligible employees of the company, who will get a discount of Rs 26 per share. It has reserved 50 per cent of the issue for the qualified institutional bidders (QIBs), while non-institutional investors have 15 per cent of the net offer. Remaining 35 per cent of the net offer shall be allocated towards retail investors.

ICICI Securities, Nuvama Wealth Management and ITI Capital are the book running lead managers of the Allied Blenders IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed at both BSE and NSE with July 2, Tuesday as the tentative date of debut.

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