Allied Blenders' shares, the maker of Officer's Choice Whisky, jumped nearly 14% in their debut trade on Tuesday, exceeding the issue price of Rs 281. The stock opened at Rs 318.10, marking a strong performance.
New Delhi, Jul 2 (PTI) Shares of Allied Blenders and Distillers Ltd, the maker of Officer's Choice Whisky, listed with a premium of nearly 14 per cent against the issue price of Rs 281 on Tuesday.
The stock opened the trade at Rs 318.10, up 13.20 per cent from the issue price on the BSE. It later jumped 14.73 per cent to Rs 322.40.
On the NSE, shares of the company listed at Rs 320, registering a jump of 13.87 per cent.
The company's market valuation stood at Rs 8,869.61 crore.
The initial public offer of Allied Blenders and Distillers garnered 23.49 times subscription on the final day of bidding on Thursday.
The Rs 1,500-crore initial share sale had a fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 500 crore.
The initial share sale had a price range of Rs 267-281 a share.
Proceeds from the fresh issue worth Rs 720 crore will be used for the payment of debt, and a portion will be used for general corporate purposes.
With a market share of over 8 per cent in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in fiscal 2023, Allied Blenders and Distillers is engaged in the manufacturing, marketing and sale of alcoholic beverages in India and abroad.
The product portfolio of the firm comprises several brands of IMFL in whisky, brandy, rum and vodka.
Some of the major brands of the company include Officer's Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.
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