Allied Blenders and Distillers Ltd, the producer of Officer’s Choice Whisky, has submitted revised preliminary documents to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) with the aim of raising INR 1,500 crore.
According to draft documents filed with the Securities and Exchange Board of India (SEBI) on Thursday, the initial public offering (IPO) includes a fresh issuance of equity shares valued at INR 1,000 crore and an Offer-For-Sale (OFS) of shares amounting to INR 500 crore by the promoters.
As part of the Offer-For-Sale (OFS), shares will be sold by Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, and Neesha Kishore Chhabria.
Out of the total proceeds from the fresh issue, a sum of INR 720 crore will be directed towards debt payment, and the remaining portion will be utilized for general corporate purposes.
As of December 2023, the company’s debt stood at around INR 808 crore, as indicated in the draft papers.
Having a market share of 8.2 percent in Indian-Made Foreign Liquor (IMFL) during fiscal 2023, Allied Blenders and Distillers submitted draft papers to Sebi in June 2022 for an IPO worth INR 2,000 crore.
In December of the same year, the company received approval from Sebi to initiate its maiden public issue but opted not to proceed with the launch.
Allied Blenders and Distillers is involved in the production, promotion, and distribution of alcoholic beverages both in India and internationally.
The company’s range of products includes various brands of Indian-Made Foreign Liquor (IMFL), spanning 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, ITI Capital and Nuvama Wealth Management are the book running managers and will advise the company’s on the maiden public issue.
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