Allied Blenders Shares End At 12.8% Premium Over IPO Price
The Rs 1,500-crore initial public offer of the Officer's Choice whisky maker was subscribed 23.55 times on its final day of subscription.
Shares of Allied Blenders & Distillers Ltd. ended on the National Stock Exchange on Tuesday at Rs 317 apiece, a premium of 12.8% over its issue price of Rs 281. On the BSE, the stock closed at Rs 317.4 per share, marking a premium of 12.9%.
The Rs 1,500-crore initial public offer of Officer's Choice whisky maker was subscribed 23.55 times on its final day of subscription. The IPO consisted of a mix of a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale worth Rs 500 crore by the existing shareholders. Promoters, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, and the promoter group, Neesha Kishore Chhabria, offloaded their shares in the OFS.
The Indian-made foreign liquor company will utilise the net proceeds from the fresh issue for prepayment or scheduled repayment of outstanding borrowings and general corporate purposes.
Business
Allied Blenders is involved in the manufacturing, marketing, and sale of alcoholic beverages in India and internationally.
The company's product portfolio includes various brands of Indian-made foreign liquor spanning whisky, brandy, rum, and vodka. Notable brands under its umbrella are Officer's Choice whisky, Sterling Reserve whisky, Jolly Roger rum and Class 21 vodka.
In financial year 2023, Allied Blenders' revenue decreased 1.27% to Rs 7,106 crore, while its net profit increased 14% to Rs 1.6 crore. In the fiscal, the company captured more than 8% of the IMFL market by sales volume.
