Allied Blenders & Distillers Lists at 14% Ahead of its highly anticipated listing, Allied Blenders and Distillers made a notable debut on Dalal Street, listing at Rs 320 on the NSE, a 13.88% premium over its issue price of Rs 281. Similarly, the stock opened at Rs 318.10 on the BSE, reflecting a 13.20% premium.
Despite commanding a grey market premium of Rs 59 per share ahead of its listing, suggesting a potential listing gain of over 20%, the actual listing premium was more modest. The grey market premium had dipped to around Rs 40-42 per share a day before the listing.
The Allied Blenders IPO was sold in a fixed price band of Rs 267-281 per share, with a lot size of 53 shares. The offering, open for bidding from June 25 to June 27, raised Rs 1,500 crore. This included a fresh share sale worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1,77,93,594 shares.
The issue saw strong demand, being oversubscribed 23.55 times overall. The quota for qualified institutional bidders (QIBs) was oversubscribed 50.37 times, while the non-institutional investors’ quota saw 32.40 times subscription. Retail investors and employees’ portions were subscribed 4.51 times and 9.89 times, respectively.
Founded in 2008, Allied Blenders and Distillers is an Indian-made foreign liquor (IMFL) company offering whisky, brandy, rum, vodka, and gin. They also sell packaged drinking water under the brands Officer’s Choice, Officer’s Choice Blue, and Sterling Reserve.
Brokerage firms are generally positive on the issue, recommending a long-term subscription. ICICI Securities, Nuvama Wealth Management, and ITI Capital are the book running lead managers for the IPO, with Link Intime India serving as the registrar.
Avinash Dyal