Allied Blenders IPO subscribed 23.55 times

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The initial public offering (IPO) of Allied Blenders and Distillers, the maker of Officer’s Choice Whisky, was subscribed 23.55 times. The IPO that comprised a fresh issue of ₹1,000 crore and an offer for sale of up to ₹500 crore by the promoters came out with a price band of ₹267-281.

The IPO received bids for 92.49 crore shares against about 3.94 crore shares on offer, according to NSE data.

The portion for qualified institutional buyers (QIB) received bids for 50.37 times, while the category for non-institutional investors was subscribed 32.40 times and retail investors by 4.51 times. The IPO, which has reservation for employees, saw the portion subscribed 9.89 times. The Maharashtra-based company has reserved shares worth ₹3 crore for its employees, who will enjoy a discount of ₹26 a share to the final IPO price.

Anchor investors

Allied Blenders — an Indian-owned, Indian-made foreign liquor company with a product range that includes five main categories —had garnered ₹449.1 crore from anchor investors.

The company plans to use the net proceeds from the fresh issue to prepay or arrange repayment of a portion of its existing borrowings for general corporate purposes.