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Allied Blenders IPO is a book-built issue of Rs 1,500.00 crores. The issue is a combination of a fresh issue of 3.56 crore shares aggregating to Rs 1,000.00 crores and an offer for sale of 1.78 crore shares aggregating to Rs 500.00 crores.
The IPO opens for subscription on June 25, 2024, and closes on June 27, 2024. The price band for the IPO is set at ₹267 to ₹281 per share and the minimum lot size for an application is 53 Shares.
Company Summary
They are the largest Indian-owned Indian-made foreign liquor (“IMFL”) company and the third largest IMFL company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2022.
Their flagship brand, Officer’s Choice Whisky has been among the top-selling whisky brands globally in terms of annual sales volumes between 2016 and 2019.
As of December 31, 2023, their product portfolio comprised 16 major brands of IMFL across whisky, brandy, rum, and vodka. Certain of their brands, such as Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue, and ICONiQ Whisky, are ‘Millionaire Brands’ or brands that have sold over a million 9-litre cases in one year.
Their net cash generated from operating activities was ₹ 2,466.18 million, ₹ 1,787.60 million, ₹ 2,298.55 million, ₹ 1,729.85 million, and ₹ 1,439.12 million in Fiscal 2021, 2022, and 2023, and in the nine months ended December 31, 2022, and December 31, 2023, respectively
Their restated profit for the period/year was ₹ 25.08 million, ₹14.76 million, ₹ 16.01 million, ₹ 28.81 million, and ₹ 42.29 million in Fiscal 2021, 2022, and 2023, and in nine months ended December 31, 2022, and December 31, 2023, respectively
Their Net Worth was ₹ 3,817.82 million, ₹ 4,040.98 million, ₹ 4,060.99 million, ₹ 4,070.84 million, and ₹4,092.56 million, as of March 31, 2021, 2022 and 2023, and as of December 31, 2022, and December 31, 2023, respectively.
Company strengths
Their products have received various recognitions over the years. For example, Officer’s Choice Whisky received the Wines Beers and Drinks Awards in 2018 for the world’s largest-selling whisky. Sterling Reserve Premium Whisky received the Spiritz Award in 2019 for the fastest-growing whisky brand and the Wines Beers and Drinks Award in 2018 for the fastest-growing brand.
In Fiscal 2021, 2022, and 2023 and in the nine months ended December 31, 2022, and December 31, 2023, their sales and business promotion expenses were ₹ 906.63 million, ₹ 938.56 million, ₹ 1,304.02 million, ₹ 1,070.14 million and ₹ 942.45 million, respectively, which represented 3.86%, 3.49%, 4.14%, 4.50% and 3.68%, respectively, of their total Net Revenue from Operations in Fiscal 2021, 2022 and 2023 and in the nine months ended December 31, 2022 and December 31, 2023.
As of December 31, 2023, their products were exported to 14 countries. Their export markets include countries such as the United Arab Emirates, Haiti, Oman, Hong Kong, and Qatar.
They have 3,627 employees which includes 67 production workers, one (1) sales consultant, and 2,690 contract workers, as of December 31, 2023.
Company Financials
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 2,741.39 | 2,487.70 | 2,248.35 | 2,298.57 |
| Revenue | 5,914.98 | 7,116.75 | 7,208.17 | 6,397.81 |
| Profit After Tax | 4.23 | 1.60 | 1.48 | 2.51 |
| Net Worth | 409.26 | 406.10 | 404.10 | 381.78 |
| Reserves and Surplus | 360.43 | 357.28 | 356.99 | 327.85 |
| Total Borrowing | 798.11 | 780.82 | 846.91 | 954.74 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The company proposes to utilize the Net Proceeds towards funding the following objects:
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings availed by the Company.
- General corporate purposes
Promoters of the company
Kishore Rajaram Chhabria, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, Bina Chhabria Enterprises Private Limited, BKC Enterprises Private Limited, Oriental Radios Private Limited and Officer’s Choice Spirits Private Limited are the Promoters of the Company.
IPO details
| IPO Date | June 25, 2024 to June 27, 2024 |
| Listing Date | Tuesday, July 2, 2024 |
| Face Value | ₹2 per share |
| Price Band | ₹267 to ₹281 per share |
| Lot Size | 53 Shares |
| Total Issue Size | 53,380,783 shares (aggregating up to ₹1,500.00 Cr) |
| Fresh Issue | 35,587,189 shares (aggregating up to ₹1,000.00 Cr) |
| Offer for Sale | 17,793,594 shares of ₹2 (aggregating up to ₹500.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 53 | ₹14,893 |
| Retail (Max) | 13 | 689 | ₹193,609 |
| S-HNI (Min) | 14 | 742 | ₹208,502 |
| S-HNI (Max) | 67 | 3,551 | ₹997,831 |
| B-HNI (Min) | 68 | 3,604 | ₹1,012,724 |
Allotment Schedule
| Basis of Allotment | Friday, June 28, 2024 |
| Initiation of Refunds | Monday, July 1, 2024 |
| The credit of Shares to Demat | Monday, July 1, 2024 |
| Listing Date | Tuesday, July 2, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 27, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
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