Allied Blenders and Distillers IPO ends with good subscription

Published on Jun 28, 2024 17:28

The initial public offer (IPO) of Allied Blenders and Distillers received 92,71,11,192 bids for shares as against 3,93,71,669 shares on offer. The issue was subscribed 23.55 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 50.37 times. The Non Institutional Investors (NIIs) category was subscribed 32.40 times. The Retail Individual Investors (RIIs) category was subscribed 4.51 times.

The issue opened for bidding on Tuesday (25 June 2024) and closed on Thursday (27 June 2024). The price band of the IPO was fixed at Rs 267 to 281 per share.

The IPO comprised fresh issue of equity shares aggregating upto Rs 1,000 crore and an offer for sale of equity shares aggregating up to Rs 500 crore by Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev.

The objectives for the fresh issue includes prepayment/scheduled re-payment of certain outstanding borrowings of Rs 720 crore and remaining amount to be used for general corporate purposes.

The promoter and promoter group shareholding was 100% of the pre-offer issued and paid-up equity share capital. The post IPO shareholding for the same is expected to be around 81%.

Ahead of the IPO, Allied Blenders and Distillers on Monday, 24 June 2024, raised Rs 449.09 crore from anchor investors. The board allotted 1.59 crore shares at Rs 281 each to 17 anchor investors.

Allied Blenders and Distillers is the third largest Indian-made foreign liquor (IMFL) company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2022.

The company is one of the only four spirits companies in India with a pan-India sales and distribution footprint. As of 31 March 2023, its products were retailed across 79,329 retail outlets across 30 States and Union Territories in India.

The firm reported a net profit of Rs 4.23 crore and sales of Rs 5,911.14 crore for the nine months ended on 31 December 2023.