Allied Blenders and Distillers' IPO Garners Robust Interest on Day One

Allied Blenders and Distillers' IPO, the creator of Officer's Choice Whisky, attracted 51% subscription on its first day. The Rs 1,500-crore sale received substantial interest from non-institutional and retail investors, while proceeds will be used for debt repayment and corporate purposes.

Allied Blenders and Distillers, the company behind Officer's Choice Whisky, saw a strong response to its Initial Public Offer (IPO), achieving 51% subscription on its first day. The Rs 1,500-crore IPO attracted bids for 2,01,69,680 shares contrasted with the 3,93,71,669 shares on offer, according to data from NSE.

Non-institutional investors showed considerable interest with 87% subscription, while retail individual investors subscribed at 63%. The portion reserved for Qualified Institutional Buyers (QIBs) received a modest 2% subscription.

The IPO includes a fresh issue of up to Rs 1,000 crore and an offer for sale amounting to Rs 500 crore, priced between Rs 267 to Rs 281 per share.

On the eve of the IPO, Allied Blenders raised Rs 449 crore from anchor investors. Proceeds from the fresh issue, totaling Rs 720 crore, are earmarked for debt repayment and general corporate expenses.

With over 8% of the Indian-Made Foreign Liquor (IMFL) market share in fiscal 2023, the company manufactures, markets, and sells alcoholic beverages both domestically and internationally. Its product lineup includes well-known brands like Officer's Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.

ICICI Securities, Nuvama Wealth Management Limited, and ITI Capital are the lead managers for the offer, and the shares are set to be listed on BSE and NSE.