Allied Blenders & Distillers
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jun 2024 – 27 Jun 2024
- Listing date
- 02 Jul 2024
- Face value
- ₹2 per share
- Issue price
- ₹281 per share
- Lot size
- 53 shares
- Total issue size
- ₹1,500 Cr
- Market cap at offer price
- ₹7,860 Cr
- Promoter holding
- 100.00% → 80.91% pre-issue → post-issue
- ISIN
- INE552Z01027
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 394-C Lamington Chambers, Lamington Road, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,59,82,206 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 53 shares per lot, in multiples, at ₹281
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 53 | ₹14,893 |
| Retail (max) | 13 | 689 | ₹1,93,609 |
| S-HNI (min) | 14 | 742 | ₹2,08,502 |
| S-HNI (max) | 67 | 3,551 | ₹9,97,831 |
| B-HNI (min) | 68 | 3,604 | ₹10,12,724 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 0.07 | 0.20 |
| P/E (×) | 4,014.29 | 1,405.00 |
| Price to book (×) | 16.77 | — |
| Market cap | — | ₹7,860 Cr |
Key performance indicators
- Return on net worth
- 0.39%
- ROCE
- 25.87%
- Debt / equity
- 1.85
- PAT margin
- 0.05%
- EBITDA margin
- 6.23%
- NAV per share
- ₹16.64
- Price to book
- 16.77
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Allied Blenders & Distillers
Allied Blenders and Distillers Limited was incorporated as 'You and Me Properties Private Limited' on October 8, 2008, renamed 'Moonlight Blenders and Distillers Private Limited' on July 22, 2009, and became 'Allied Blenders and Distillers Private Limited' on April 30, 2010 when the entire business undertakings of Allied Blenders and Distillers Private Limited and Our Own Properties Private Limited were transferred to it pursuant to a Bombay High Court order dated February 5, 2010; it was converted to a public company as Allied Blenders and Distillers Limited on June 8, 2022. As of the date of the Prospectus, its product portfolio comprised 17 major IMFL brands across whisky, brandy, rum, vodka and gin, anchored by the flagship Officer's Choice franchise launched in 1988 (Officer's Choice Blue deluxe whisky, Officer's Choice Whisky and Officer's Choice Star mass premium whiskies, Officer's Choice Brandy and Officer's Choice Rum), with ICONiQ White International Whisky launched in September 2022 under a trademark licence. It operates one distillery at Rangapur, Telangana (in-house ENA capacity of 600.00 lakh litres per year), owns and operates nine bottling units, has exclusive arrangements with five third-party bottling facilities and 18 non-exclusive third-party bottling agreements, and its products were bottled across 32 bottling facilities as of December 31, 2023. It sells predominantly to state beverage corporations and private distributors/wholesalers across open market, part corporation and full corporation channels, and exports to 14 countries as of December 31, 2023. In Fiscal 2023, revenue from operations was ₹ 71,056.80 million with restated profit after tax of ₹ 16.01 million, on total sales of 32.24 million cases, of which whisky accounted for 94.88% by volume.
Company Analysis
from RHPAllied Blenders and Distillers Limited is an Indian-owned Indian-made foreign liquor (IMFL) company whose product range spans five categories of spirits — whisky, brandy, rum, vodka and gin — with almost all revenue derived from the sale of its whisky products.
Allied Blenders and Distillers Limited was incorporated as 'You and Me Properties Private Limited' on October 8, 2008, renamed 'Moonlight Blenders and Distillers Private Limited' on July 22, 2009, and became 'Allied Blenders and Distillers Private Limited' on April 30, 2010 when the entire business undertakings of Allied Blenders and Distillers Private Limited and Our Own Properties Private Limited were transferred to it pursuant to a Bombay High Court order dated February 5, 2010; it was converted to a public company as Allied Blenders and Distillers Limited on June 8, 2022. As of the date of the Prospectus, its product portfolio comprised 17 major IMFL brands across whisky, brandy, rum, vodka and gin, anchored by the flagship Officer's Choice franchise launched in 1988 (Officer's Choice Blue deluxe whisky, Officer's Choice Whisky and Officer's Choice Star mass premium whiskies, Officer's Choice Brandy and Officer's Choice Rum), with ICONiQ White International Whisky launched in September 2022 under a trademark licence. It operates one distillery at Rangapur, Telangana (in-house ENA capacity of 600.00 lakh litres per year), owns and operates nine bottling units, has exclusive arrangements with five third-party bottling facilities and 18 non-exclusive third-party bottling agreements, and its products were bottled across 32 bottling facilities as of December 31, 2023. It sells predominantly to state beverage corporations and private distributors/wholesalers across open market, part corporation and full corporation channels, and exports to 14 countries as of December 31, 2023. In Fiscal 2023, revenue from operations was ₹ 71,056.80 million with restated profit after tax of ₹ 16.01 million, on total sales of 32.24 million cases, of which whisky accounted for 94.88% by volume.
Objects of the Issue
- Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company ₹ 7,200.00 million p.21
- General corporate purposes ₹ 2,214.70 million p.21
Issue Structure
- Total Issue
- 53,391,667 Equity Shares of face value of ₹ 2 each, aggregating to ₹ 15,000 million (including an Employee Reservation Portion of 117,647 Equity Shares aggregating to ₹ 30 million)
- Fresh Issue
- 35,598,074 Equity Shares of face value of ₹ 2 each, aggregating to ₹ 10,000 million
- Offer for Sale
- 17,793,593 Equity Shares of face value of ₹ 2 each, aggregating to ₹ 5,000 million, comprising 13,345,195 Equity Shares by Bina Kishore Chhabria aggregating to ₹ 3,750 million and 4,448,398 Equity Shares by Resham Chhabria Jeetendra Hemdev aggregating to ₹ 1,250 million
- Price Band
- Minimum price of ₹ 267 per Equity Share (Floor Price) and maximum price of ₹ 281 per Equity Share (Cap Price); Offer Price ₹ 281 per Equity Share
- Lot Size
- 53 Equity Shares of face value of ₹ 2 each and in multiples of 53 Equity Shares thereafter
- Face Value
- ₹ 2 each
Business Model
Earns almost all revenue from contracts with customers for the sale of goods (IMFL) — predominantly whisky (roughly 95–98% of revenue from operations) — billed to state beverage corporations and private distributors/wholesalers through open market, part corporation and full corporation channels; supplemented by sales of extra neutral spirit (ENA), distillation by-products, royalty income, export entitlements and scrap/other sales (including sales at its retail store in Mumbai).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kishore Rajaram Chhabria | Promoter | Negligible | Negligible |
| Bina Kishore Chhabria | Promoter | 72.16% | 58.20% |
| Resham Chhabria Jeetendra Hemdev | Promoter | 24.05% | 19.40% |
| Oriental Radios Private Limited | Promoter | 3.73% | 3.26% |
| Bina Chhabria Enterprises Private Limited | Promoter | 0.06% | 0.05% |
| Officer's Choice Spirits Private Limited | Promoter | Negligible | Negligible |
| BKC Enterprises Private Limited | Promoter | Negligible | Negligible |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.