Allied Blenders'' IPO Subscribed 1.51 Times: Officer''s Choice Whisky Maker

New Delhi, Jun 26 (PTI) The initial public offering (IPO) of Allied Blenders and Distillers, the maker of Officer's Choice Whisky, got subscribed 1.51 times on day two of bidding on Wednesday.

The Rs 1,500-crore initial share sale received bids for 5,96,04,754 shares against 3,93,71,669 shares on offer, as per NSE data.

The category for non-institutional investors received 2.98 times subscription while the quota for retail individual investors (RIIs) got subscribed 1.65 times.

The qualified institutional buyers (QIBs) part received 14 per cent subscription.

The IPO has 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 has a price range of Rs 267-281 a share.

Allied Blenders and Distillers Ltd on Monday said it raised Rs 449 crore from anchor investors.

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.

ICICI Securities, Nuvama Wealth Management Ltd (formerly known as Edelweiss Securities Ltd) and ITI Capital are the book running lead managers to the offer.

The equity shares of the company are proposed to be listed on the BSE and the NSE.