Allied Blenders and Distillers Ltd, which produces Officer’s Choice Whisky, is set to open its maiden offer for subscription on Tuesday. The company will accept bids for its initial public offering from June 25 to 27, 2024.
The company on Monday informed that it raised Rs 449 crore from anchor investors just ahead of its maiden listing opening for bidding, reported PTI. The investors leading the round included Nippon India Mutual Fund (MF), LIC MF, Jupiter India Fund, Societe Generale, Goldman Sachs (Singapore) Pte, JM Financial (India), Troo Capital, and Wipro Commercial (India) Ltd, among others.
The firm’s issue worth Rs 1,500 crore comprises of a fresh offer of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) component by promoters for shares worth Rs 500 crore. The price band for the maiden offering has been set at Rs 267 to Rs 281 apiece.
In its anchor investor round, the firm allotted 1.6 crore equity shares to 17 funds at Rs 281 per share, coming up to a transaction size of Rs 449 crore.
In the OFS component of the issue, promoters Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, and Neesha Kishore Chhabria will offer their holdings.
The firm’s market capitalisation has been set at Rs 7,860 crore post-issue by broking firms. The company plans to utilise the proceeds worth Rs 720 crore from the maiden issue towards settling debt, while some of the funds raised would be allocated to general corporate purposes.
The overall debt on the firm’s books stood around Rs 808 crore, as of December 203. About half of the issue size has been set aside for qualified institutional investors, while 35 per cent of the offer remains reserved for retail investors. The remaining 10 per cent of the issue has been reserved for non-institutional investors.
The investors can apply for the issue in a minimum bid of 53 shares and in multiples thereof.
Also Read : India Records 0.6% Current Account Surplus In March Quarter On Higher Service Exports, Remittances