Allied Blenders IPO opens for subscription; Check details here

25 Jun 2024 , 11:45 AM

Allied Blenders and Distillers’ initial public offering (IPO) commenced bidding on Tuesday, June 25, and will remain open until Thursday, June 27. The company has fixed the price band for its shares at ₹267-281 each. Investors can apply for a minimum of 53 equity shares and in multiples thereafter.

By 11:38 am, the IPO had garnered a subscription of 11%. The retail segment saw a subscription of 17%, while non-institutional investors bid 12% against their reserved quota. The portion reserved for employees has seen a subscription of 71% so far.

Qualified institutional bidders (QIBs) have access to 50% of the offering, with non-institutional investors allocated 15%, and the remaining 35% allocated to retail investors.

Proceeds from the fresh issue will be used to prepay or schedule repayment of certain outstanding borrowings and for general corporate purposes. The proceeds from the offer for sale (OFS) will go to the selling shareholders.

As of December 31, 2021, Allied Blenders and Distillers exports its products to 22 international markets, including the Middle East, North and South America, Africa, Asia, and Europe. Notably, Officer’s Choice Whisky, introduced in 1988, is one of the world’s top-selling brands in the mass premium whisky segment.