Allied Blenders and Distillers IPO subscribed 51% on Day 1, check key details

The initial public offering of Allied Blenders and Distillers Ltd, the makers of Officer’s Choice Whisky, has been subscribed 51% on the first day of bidding on Tuesday.

According to the exchange data at 5 pm, the ₹1,500-crore IPO of the leading IMFL producer received applications for 2.01 crore (2,01,96,975) shares against 3.93 crore (3,93,71,669) equity shares on offer for subscription.

Qualified institutional buyers’ (QIB) portion was booked just 2%. Applications for 2,14,756 shares were received against 1,12,13,481 equity shares on offer.

Non-Institutional Buyers’ category was booked 87% as bids for 73,17,445 shares were received against 84,10,112 equity shares on offer.

Retail investors’ quota was booked 63% with bids pouring in for 73,17,445 shares against 1,96,23,595 shares on offer.

The employee category was oversubscribed 2 times with bids for 2,55,831 shares pouring in against 1,24,481 equity shares reserved for them.

Allied Blenders and Distillers raises ₹449 crore from anchor investors

Allied Blenders and Distillers Ltd on Monday garnered ₹449 crore from anchor investors. LIC MF, Nippon India Mutual Fund (MF), Jupiter India Fund, JM Financial MF, Wipro Commercial (India) Ltd, Societe Generale, Goldman Sachs (Singapore) Pte and Troo Capital are among the anchor investors.

The company has allotted 1.6 crore shares at a price of ₹281 apiece to a total of 17 funds.

Allied Blenders IPO details

Allied Blenders' IPO comprises a fresh issue of 3.56 crore shares worth ₹1,000 crore and an offer for sale of 1.78 crore shares worth ₹500 crore. The company has fixed the price band for the IPO at ₹267 to ₹281 per share. For retail investors, the minimum lot size is 53 shares, and the minimum investment is ₹14,893.

The IPO also includes 117,647 shares for employees offered at ₹26 discount to the issue price.

Nuvama Wealth Management Limited, ICICI Securities Limited, and Iti Capital Ltd are the book running lead managers. Link Intime India Private Ltd is the IPO registrar.

Allied Blenders IPO share allotment

Allied Blenders IPO closes on June 27, 2024. The company is expected to finalise the share allotment on June 28 (Friday). Allied Blenders shares will be listed on BSE and NSE on July 2, 2024 (Tuesday).

Allied Blenders IPO Objects

Allied Blenders and Distillers Ltd is a leading IMFL company in India. The company launched its flagship brand, Officer’s Choice Whisky, in 1988 to enter the mass premium whisky segment. The company is present in five main categories of IMFL, i.e., whisky, brandy, rum, vodka and gin.

Allied Blenders also sells packaged drinking water under the Officer’s Choice, Officer’s Choice Blue and Sterling Reserve brands.

Of the fresh issue proceeds of around ₹1,000 crore, the company has proposed to utilise ₹720 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by it. The rest will be for meeting general corporate purposes.

As of March 31, 2024, the total outstanding borrowings of the company was ₹834.58 crore.

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