Allied Blenders and Distillers IPO to open on June 25th

20 Jun 2024 , 11:32 AM

Allied Blenders and Distillers, the maker of Officer’s Choice whisky, will launch its IPO worth ₹1,500 Crore on June 25. The price band for the IPO is set at ₹267 to ₹281 per share.

Key Dates:

• June 24: Anchor book opens
• June 25: IPO opens for subscription
• June 27: IPO closes for subscription

IPO Structure:

The IPO includes a fresh issue of equity shares worth ₹1,000 Crore and an offer-for-sale of shares worth ₹500 Crore by existing shareholders. Promoters Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev will sell shares worth ₹375 Crore and ₹125 Crore, respectively.

The company has reserved ₹3 Crore worth of shares for its employees. The remaining shares, excluding the employee portion, form the net issue.

Use of IPO Proceeds:

Allied Blenders and Distillers plans to use ₹720 Crore from the fresh issue proceeds to repay debt. The remaining amount will be used for general corporate purposes.

Company Overview:

Allied Blenders and Distillers is one of the largest Indian-made foreign liquor (IMFL) companies, offering a diverse portfolio of 16 brands across whisky, brandy, rum, and vodka. Notable brands include Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue, and ICONiQ Whisky.

In fiscal 2023, the company held an estimated 11.8% market share in the Indian whisky market based on sales volume. Whisky was the major revenue contributor, accounting for 97.36% of total revenue in FY23 and 96.95% in the nine-month period ending December 2023.

Financial Performance:

For the fiscal year ending March 2023, Allied Blenders and Distillers reported a net profit of ₹1.6 Crore, an 8.5% increase from the previous year. Revenue (excluding excise duty) from operations grew by 17.2% to ₹3,146.6 Crore during the same period.

For the nine months ending December 2023, the company recorded a 46.8% year-on-year increase in net profit to ₹4.2 Crore and a 7.8% increase in revenue to ₹2,560.3 Crore compared to the same period the previous year.

Key Managers:

• Merchant Bankers: ICICI Securities, Nuvama Wealth Management, and ITI Capital
• Registrar: Link Intime India