Allied Blenders and Distillers IPO Surges on Debut

Shares of Allied Blenders and Distillers Ltd, known for Officer's Choice Whisky, surged over 13% against the issue price on BSE and NSE debut. With a final offer subscription rate of 23.49 times and a valuation of Rs 8,890.59 crore, the company aims to use proceeds primarily for debt repayment.

Shares of Allied Blenders and Distillers Ltd, the maker of Officer's Choice Whisky, concluded with a premium of over 13 per cent against the issue price of Rs 281 on Tuesday.

At the start of trading, the company's stock opened at Rs 318.10, reflecting a 13.20 per cent increase from the issue price on the BSE. It later surged 15.44 per cent to Rs 324.40 before closing at Rs 317.85 apiece, up 13.11 per cent.

On the NSE, the shares were listed at Rs 320, marking a 13.87 per cent increase. It ended the day at Rs 317 per piece, up 12.81 per cent from the issue price.

The company's market valuation stood robust at Rs 8,890.59 crore.

In volume terms, the trading day saw 36.95 lakh shares exchanged on the BSE and 493.59 lakh shares on the NSE.

The initial public offering of Allied Blenders and Distillers experienced a robust 23.49 times subscription on the final bidding day.

The Rs 1,500-crore IPO included a fresh issue of up to Rs 1,000 crore and a sale offer of up to Rs 500 crore. The price range for the shares was set at Rs 267-281 each.

Proceeds amounting to Rs 720 crore from the fresh issue are earmarked for debt repayment, with the remainder allocated for general corporate purposes.

Allied Blenders and Distillers, which holds over 8 per cent of the Indian-Made Foreign Liquor (IMFL) market by sales volume in fiscal 2023, focuses on manufacturing, marketing, and selling alcoholic beverages in India and abroad.

Its product lineup includes brands like Officer's Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)