• Source:PTI
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Allied Blenders and Distillers IPO:  The initial public offering of whiskey maker Allied Blenders and Distillers was 1.51 times subscribed on the second day of bidding on Wednesday. The initial share sale worth Rs 1,500 crore received bids for 5,96,04,754 shares against 3,93,71,669 shares on offer, according to NSE data.

The category of non-institutional investors received 2.98 times the subscription, while the category of individual investors (RIIs) received 1.65 times. Eligible institutional buyers received a subscription rate of 14%. The IPO involves a fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 500 crore.

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The initial selling price of the shares ranges between Rs 267-281 per share. Allied Blenders and Distillers Ltd on Monday said it has raised Rs 449 crore from anchor investors. Proceeds from the new issue of Rs 720 crore will be used to repay debt, a portion of which will be used for general corporate purposes.

In terms of sales volume, the company has a market share of over 8 percent in the Indian-Made Foreign Liquor (IMFL) market in FY2023. Allied Blenders and Distillers are engaged in manufacturing, marketing, and selling of alcoholic beverages in India and abroad. The company's product portfolio includes several IMFL brands in whisky, rum, Vodka, and brandy.

Some of the company's key brands include Office's Choice Whiskey, Jolly Roger Rum, Sterling Reserve Whiskey, and Class 21 Vodka.
ICICI Securities, Nuvama Wealth Management Ltd (formerly Edelweiss Securities Ltd), and ITI Capital are the lead managers of the offer. It is proposed to list the company's shares on the Bahrain Stock Exchange and the National Stock Exchange.

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(With PTI's Input)