Allied Blenders and Distillers IPO Day 3: Issue subscribed 2.17 times so far, NIIs portion booked most

Allied Blenders and Distillers IPO (initial public offering), which is open from June 25 to June 27, has received a tepid response from investors on the final day of bidding.

The public issue was subscribed 2.17 times on day 3 of subscription till 10:55 am. The non-institutional investors (NIIs) portion was booked 4.86 times the allotted quota.

The retail individual investors (RIIs) brought 2.16 times the part set aside for them, qualified institutional buyers (QIBs) portion was just subscribed 0.15 times.

The ₹1,500 crore IPO, with a price band of ₹267-₹281 per share, comprises a fresh issue of ₹1,000 crore and an offer-for-sale (OFS) component worth ₹500 crore.

Existing investors Resham Chhabria, Neesha Kishore Chhabria, Bina Kishore Chhabria, and Jeetendra Hemdev will offload their stakes under the OFS.

The liquor maker had already raised ₹449.1 crore in the anchor round on June 24 from investors like Goldman Sachs, Societe Generale, BNP Paribas, Nippon Life India, LIC Mutual Fund, and 360 One Special Opportunities Fund.

The funds generated from the public issue will be used for debt repayment and for general corporate purposes.

Allied Blenders and Distillers IPO: Key dates

• Bidding dates: June 25-June 27
• Allotment finalisation: June 28
• Refund initiation: July 1
• Credit of shares: July 1
• Listing: July 2

About Allied Blenders and Distillers

Allied Blenders and Distillers is among the largest Indian-made foreign liquor or IMFL brands with an 11.8% market share in the whisky category in the the financial year 2022-23.

The company's portfolio includes 16 major IMFL brands across whisky, brandy, rum, gin and vodka as of FY23.

Allied Blenders and Distillers posted revenue of ₹7,105 crore in FY23, a 1.2% decline from ₹7,196 crore revenue in the last fiscal year. However, net profit surged 8.8% year-on-year (YoY) to ₹1.60 crore during the same period.