Allied Blenders and Distillers Sets IPO Price Band at Rs 267-281 per Share

Allied Blenders and Distillers Ltd, makers of Officer's Choice whisky, announced its IPO price band between Rs 267 and Rs 281 per share, aiming to raise Rs 1,500 crore. The IPO will open to the public from June 25-27, while anchor investors can start bidding on June 24. The funds raised will primarily be used to pay off debts and for general corporate purposes.

Allied Blenders and Distillers Ltd, renowned as the maker of Officer's Choice whisky, has set a price band of Rs 267 to Rs 281 per share for its Rs 1,500-crore initial public offering (IPO). This significant market move is set to commence its public bidding phase from June 25-27, with a special day for anchor investor bidding on June 24, as per the company's recent announcement.

The broking firms have projected the company's market capitalisation to reach Rs 7,860 crore post-issue. The IPO will consist of fresh equity shares issuance worth Rs 1,000 crore and an Offer-for-Sale (OFS) of Rs 500 crore by the promoters. Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, and Neesha Kishore Chhabria will be among those selling shares in the OFS.

The company plans to utilize Rs 720 crore from the fresh issue to settle debts, with the remaining portion allocated for general corporate uses. As of December 2023, the company reported a total debt of approximately Rs 808 crore. The issue is divided into segments for various investors: 50% for qualified institutional investors, 35% for retail investors, and 10% for non-institutional investors. Investors are allowed to bid for 53 shares and multiples thereof.

With over an 8% market share in the Indian-Made Foreign Liquor (IMFL) sector, Allied Blenders and Distillers boasts a robust portfolio that includes brands like Officer's Choice whisky, Sterling Reserve whisky, Jolly Roger rum, and Class 21 vodka. The IPO is managed by ICICI Securities Ltd, Nuvama Wealth Management Ltd, and ITI Capital Ltd, and the shares will be listed on the BSE and NSE.

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