Allied Blenders And Distillers IPO Subscribed 51% On Day 1
The IPO has been subscribed 0.51 times, or 51%, as of 5 p.m. on Tuesday.
Allied Blenders and Distillers Ltd.'s initial public offer was subscribed 0.51 times, or 51%, on its first day, led by bids from portion reserved for employees. The whisky maker is looking to raise up to Rs 1,500 crore during its three day share sale that will close on Thursday.
The IPO consists of a mix of fresh issues of equity shares worth Rs 1,000 crore and an offer-for-sale worth Rs 500 crore by the existing shareholders. The IPO has set the price range at Rs 267–281 apiece, with a minimum application lot size of 53 shares.
The offer is set to list on the BSE and the National Stock Exchange.
In the pre-IPO fundraising round, the maker of Officer's Choice raised Rs 449 crore from anchor investors.
The company allotted 1.6 crore shares at Rs 281 apiece to 17 anchor investors, with Nippon Life India Trustee Ltd.-(A/C) and Nippon India Small Cap Fund getting the highest allocation of 31.17%. Authum Investment and Infrastructure Ltd. got a 11.09% stake in the company, while Jupiter India Fund got a 9.94% stake. Winro Commercial (India) Ltd. and Chartered Finance and Leasing Ltd. secured 8.89%. Troo Capital bought 8.88% ahead of the IPO round.
Three domestic mutual funds have applied through a total of four schemes, Allied Blenders and Distillers said in an exchange filing on Monday. They have collectively netted 33.40% of the Rs 150 crore anchor portion.
Nippon India, JM Financial, and LIC are the fund houses in this category.
The leading book managers for the anchor round were ICICI Securities Ltd., Nuvama Wealth Management Ltd., and ITI Capital Ltd.
Issue Details
Issue opens: June 25.
Issue closes: June 27.
Issue price: Rs 267-281 per share.
Fresh issue: Rs 1,000 crore.
Offer for sale: Rs 500 crore.
Total issue size: Rs 1,500 crore.
Bid lot: 53 shares.
Listing: BSE and NSE.
Business
Allied Blenders and Distillers started with a single-brand in 2008— Officer's Choice Whiskey. The company now offers a diverse range of products, including whisky, brandy, rum, and vodka.
It specialises in Indian made foreign liquor and packaged drinking water under the Officer's Choice, Officer's Choice Blue, and Sterling Reserve brands.
Officer's Choice Whisky, launched in 1988, marked the company's entry into the mass premium whiskey market. It has been one of the top-selling whisky brands globally by annual sales volume from 2016 to 2019.
Subscription Status: Day 1
The IPO has been subscribed 0.51 times, or 51%, as of 5 p.m. on Tuesday.
Institutional investors: 0.02 times or 2%.
Non-institutional investors: 0.87 times, or 87%.
Retail investors: 0.63 times, or 63%.
Employee reserved: 2.05 times.
Financials
In fiscal 2023, Allied Blenders and Distillers' revenue decreased 1.27% to Rs 7,106 crore, while its profit after tax increased by 14.28% to Rs 1.6 crore.
Here are some key performance indicators for Allied Blenders and Distillers:
Return on equity: 1.03%.
Return on capital employed: 24.35%.
Debt-to-equity ratio: 1.88.
Return on net worth: 1.03%.
Price-to-book value: 16.77.
Profit after tax margin: 0.17%.
