Allied Blenders IPO Subscription Sees Strong Demand, Listing Date Announced

Allied Blenders and Distillers, a Mumbai-based Indian-made foreign liquor (IMFL) company, has witnessed robust demand during its initial public offering (IPO) subscription period. The IPO, managed by ICICI Securities, Nuvama Wealth Management, and ITI Capital, received overwhelming interest from investors.

The company is now set to finalize the basis of allotment on June 28, with bidders expected to receive notifications for fund deductions or IPO mandate revocations by July 01. Allied Blenders and Distillers aims to raise Rs 1,500 crore through its IPO, offering a range of spirits including whisky, brandy, rum, vodka, and gin.

During the three-day IPO bidding period, the issue was oversubscribed by 23.55 times. The shares were offered in a price band of Rs 267-281 per share, with a lot size of 53 shares. Notably, the quota for qualified institutional bidders (QIBs) was subscribed 50.37 times, highlighting strong institutional interest.

Following the closure of the IPO, the Grey Market Premium (GMP) for Allied Blenders and Distillers shares saw a significant correction. While the GMP initially stood at around Rs 90 per share at the start of the bidding process, it has now settled at Rs 55-60 per share, indicating a potential listing pop of 20-22% for investors.

Link Intime India, the registrar for the IPO, will oversee the share allotment process. Investors can check the allotment status on the Bombay Stock Exchange (BSE) website or through the online portal of Link Intime India. Allied Blenders and Distillers is known for its brands like Officer’s Choice, Officer’s Choice Blue, and Sterling Reserve.

Shares of Allied Blenders are scheduled to be listed on both the BSE and NSE on July 2. The company’s IPO has attracted mixed reviews from brokerage firms, with some analysts recommending a subscription due to factors like market growth, category dominance, and rising demand, while others cite concerns over valuations and recent losses.