Allied Blenders Secures ₹449 Crore from Anchor Investors

25 Jun 2024 , 09:02 AM

Allied Blenders and Distillers, known for Officer’s Choice whisky, raised ₹449.1 Crore from institutional investors through an anchor book on June 24, a day before its IPO begins.

The IPO comprises a fresh issue of shares worth ₹1,000 Crore and an offer-for-sale of shares worth ₹500 Crore by promoters. Subscription for the IPO opens on June 25 and closes on June 27.

“……has finalised allocation of 1,59,82,206 equity shares to anchor investors at a price of ₹281 per equity share,” Allied Blenders stated in a BSE filing.

Leading investors in the anchor book included Nippon Life India, JM Financial Mutual Fund, LIC Mutual Fund, Jupiter India Fund, Troo Capital, BNP Paribas, and 360 One Special Opportunities Fund. Other investors included Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, Authum Investment and Infrastructure, Winro Commercial, MAIQ Growth Scheme, and LC Radiance Fund VCC.

“Out of the total allocation of 1,59,82,206 equity shares to the anchor investors, 53,38,109 shares (33.40% of the total allocation) were allocated to three domestic mutual funds across four schemes,” Allied Blenders added.

The proceeds from the fresh issue will be used to repay debt and for general corporate purposes. The IPO allocates half of the net issue to qualified institutional buyers, including anchor investors, with 35% reserved for retail investors and 15% for non-institutional investors (high net-worth individuals).

Additionally, Allied Blenders has set aside shares worth ₹3 Crore for its employees, who will receive them at a discounted price of ₹26 per share compared to the final IPO price. The price band for the public issue has been fixed at ₹267-281 per share.