BUSINESS

SEBI approves Allied Blenders’ Rs. 1,500 crore IPO

The Securities and Exchange Board of India (SEBI), the capital markets regulator, has given liquor manufacturer Allied Blenders and Distillers the go-ahead to raise Rs 1,500 crore via an initial public offering (IPO). On January 15, 2024, the business submitted its IPO papers again with Sebi.

 

A combination of a new issuance of up to Rs 1,000 crore and an offer for sale (OFS) of up to Rs 500 crore by the promoters and promoter group are included in the shares, which have a face value of Rs 2.

The OFS is made up of up to Rs 250 crore from Bina Kishore Chhabria, Rs 125 crore from Neesha Kishore Chhabria, and Rs 125 crore from Resham Chhabria Jeetendra Hemdev. According to the company’s statement, the proceeds of its new issue, which total Rs 720 crore, would be used for general corporate purposes as well as the prepayment or planned repayment of a part of the company’s existing borrowings.

In the mainstream premium market, the Mumbai-based firm distributes Officer’s Choice Whisky in addition to other brands. In the Indian market, it asserts to have an 11.8% market share in the fiscal year 2023. The business said that with the introduction of labels such as ICONiQ White whiskey, it has moved its emphasis from the mainstream premium whiskey category to premiumization.

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