Allied Blenders and Distillers IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Allied Blenders and Distillers Limited is the largest Indian-owned Indian-made foreign liquor (“IMFL”) company and the third largest IMFL company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2022. We are one of the only four spirits companies in India with a pan-India sales and distribution footprint, and a leading exporter of IMFL, and had an estimated market share (in terms of sales volume) of 11.8% in the Indian whisky market for Fiscal 2023. Certain of our brands, such as, Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue and ICONiQ Whisky, are ‘Millionaire Brands’ or brands that have sold over a million 9-litre cases in one year.

Allied Blenders and Distillers Limited IPO, a Book Built issue amounting to ₹1500 crores, consisting fresh issue of 3,55,87,189 shares worth ₹1000 crores and an offer for sale of 1,77,93,594 Equity shares totaling ₹500 crores. The subscription period for the Allied Blenders IPO opens on June 25, 2024, and closes on June 27, 2024. The allotment is expected to be finalized on or about Wednesday, June 28, 2024, and the shares will be listed on the BSE NSE with a tentative listing date set on or about Friday, July 02, 2024.

The price band of Allied Blenders and Distillers Limited IPO is set at ₹267 to ₹281 equity per share, with a minimum lot size of 53 shares. Retail investors are required to invest a minimum of ₹14,893, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (742 shares), amounting to ₹2,08,502.

ICICI Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), ITI Capital Limited are the book-running lead manager and Link Intime India Private Limited is the registrar.

Allied Blenders and Distillers Limited IPO GMP Today
The Grey Market Premium Allied Blenders a tnd Distillers Limited IPO is expected in the range of ₹0 based on the financial performance and subscription status of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Allied Blenders and Distillers Limited IPO Live Subscription Status Today
As of 04:43 PM on 21 June 2024, the Allied Blenders and Distillers Limited IPO live subscription status shows that the IPO still not fully subscribed even on the last day. The Allied Blenders and Distillers Limited IPO subscriped only 0.49 times on NSE and BSE. Check the Allied Blenders and Distillers Limited IPO Live Subscription Status Today at NSE

Allied Blenders and Distillers Limited IPO Allotment Status
Allied Blenders and Distillers Limited IPO allotment date is 28 June 2024, Wednesday. Allied Blenders and Distillers Limited IPO Allotment will be out on 28th June 2024 and will be live on Registrar Website from the allotment date. Check Allied Blenders and Distillers Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Allied Blenders and Distillers Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Allied Blenders and Distillers Limited IPO

1. Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company (Approximately ₹ 720 Crore); and
2. General corporate purposes

Refer to Allied Blenders and Distillers Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live GMP today, Live Subscription Status Today, Share Price, Financial Information, latest IPO news, Upcoming IPO News before applying in the IPO.

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Allied Blenders and Distillers IPO Details

IPO Date June 25, 2024 to June 27, 2024
Listing Date July 02, 2024
Face Value ₹ 2
Price ₹267 - ₹281
Lot Size 53 Equity Shares
Total Issue Size 5,33,80,783 Equity Shares of face value of ₹ 2 each (aggregating up to ₹1500 Cr)
Fresh Issue 3,55,87,189 Equity Shares of face value of ₹ 2 each (aggregating up to ₹1000 Cr)
Offer for Sale 1,77,93,594 Equity Shares of face value of ₹ 2 each (aggregating up to ₹500 Cr)
Issue Type 100% Book Built Issue IPO
Listing At BSE & NSE
Share holding pre issue 24,41,13,665
Share holding post issue 27,97,00,854

Allied Blenders and Distillers IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 53 ₹14,893
Retail (Max) 13 689 ₹1,93,609
HNI (Min) 14 742 ₹2,08,502

Allied Blenders and Distillers IPO Timeline (Tentative Schedule)

IPO Open Date 25 June 2024
IPO Close Date 27 June 2024
Basis of Allotment 28 June 2024
Initiation of Refunds 01 July 2024
Credit of Shares to Demat 01 July 2024
Listing Date 02 July 2024
Cut-off time for UPI mandate confirmation Before 5 PM on 27 June 2024

Allied Blenders and Distillers IPO Reservation

Investor Category Shares Offered Reservation %
Employee Reservation 114647 Equity Shares Not more than Rs. 3 Crore after discount of Rs. 26
QIB Shares Offered 2,66,33,068 Equity Shares Not More than 50% of the Net offer
NII (HNI) Shares Offered 79,89,920 Equity Shares Not Less than 15% of the Net Offer
Retail Portion 1,86,43148 Equity Shares Not Less than 35% of the Net Offer

Allied Blenders and Distillers IPO Promoter Holding

Share Holding Pre Issue 100%
Share Holding Post Issue 80.91%

Allied Blenders and Distillers IPO Subscription Status

Investor Category Shares Offered Shares Bid For No oF Times Subscribed

About Allied Blenders and Distillers Limited

Allied Blenders & Distillers Ltd. is the largest Indian-owned Indian-made foreign liquor (“IMFL”) company and the third largest IMFL company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2022. We are one of the only four spirits companies in India with a pan-India sales and distribution footprint, and a leading exporter of IMFL, and had an estimated market share (in terms of sales volume) of 11.8% in the Indian whisky market for Fiscal 2023. Our flagship brand, Officer’s Choice Whisky was launched in 1988 with our entry into the mass premium whisky segment. Officer’s Choice Whisky has been among the top selling whisky brands globally in terms of annual sales volumes between 2016 and 2019. Over the years, we have expanded and introduced products across various categories and segments. As of December 31, 2023, our product portfolio comprised 16 major brands of IMFL across whisky, brandy, rum and vodka. Certain of our brands, such as, Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue and ICONiQ Whisky, are ‘Millionaire Brands’ or brands that have sold over a million 9-litre cases in one year.

INDUSTRY OVERVIEW

Alcohol consumption is captured by World Health Organisation (“WHO”) as total alcohol per capita consumption in litres of pure alcohol per person per year and alcohol consumption in grams of pure alcohol per person per day for population above 15 years. World per capita alcohol consumption in 2023 was estimated at 6.9 litre of pure alcohol per year. The recorded alcohol per capita consumption for 2023 was estimated at 5.0 litres. India is one of the fastest growing alco-beverage consumption markets among the top economies in the world. India is one of the fastest growing alcoholic beverage markets in the world growing from a small base of 1.3 litres per capita of recorded consumption of pure alcohol in 2005 to 2.7 litres per capita consumption in 2010 and further to estimated 3.2 litres per capita consumption in 2023.

Alco-beverage industry around the world has been saddled with extra burden of regulations due to perceived effect and abuse of alcohol. Globally, countries have alcohol policies consisting of laws, rules and regulations that aim to prevent and reduce alcohol related health complications. These policies include control from production, pricing, storage and movement and final consumption of alco-beverages.

Indian alcohol beverage market is more than a billion cases in size and highly dominated by spirits. The Indian alco-beverage market crossed more than a billion cases per annum in Fiscal 2023. A volume-based analysis shows that alcohol beverage market in India was almost equally divided between Country liquor, Indian Made Foreign Liquor (“IMFL”) and beer with a small contribution from wines in Fiscal 2023. The industry is projected to reach 1,451 million cases in volume by Fiscal 2028. India’s per capita consumption is significantly lower compared to global per capital consumption. Low per capita consumption coupled with positive demographics factors and more than 13 million people added each year to the population eligible for drinking, make India an attractive market for alcoholic beverages. There exists significant potential for future growth for the alcoholic beverages market in India. IMFL is the largest segment of Indian alco-beverage market both in volume and value terms. IMFL segment recorded sales of 395 million cases in Fiscal 2023 with a growth of 8% in volume as compared to Fiscal 2022 sales at 280 million cases. IMFL market has recovered and grown to 395 million cases in Fiscal 2023 as compared to pre-COVID levels of 355 million cases in Fiscal 2020. IMFL sales volume is projected to reach 520 cases by Fiscal 2028, and sales by value is estimated was at ₹ 2,206.62 billion in Fiscal 2023. The sales value is projected to reach ₹ 3,713.39 billion by Fiscal 2028. During the period between Fiscal 2023 and Fiscal 2028, IMFL sales value and volume are expected to grow at a CAGR of 9% and 5.7% respectively. 

Indian alco-beverage sector size was estimated at ₹ 3,200 billion in Fiscal 2023 making it one of the biggest markets in the world. Indian alco-beverage market is the third largest market in the world after China and Russia. It is also the second largest spirits market in the world. Indian alco-beverage market is projected to grow at a CAGR of approximately 11.3% by value and approximately 6.1% by volume for the period between Fiscal 2023 to Fiscal 2028. Indian market is dominated by IMFL which is estimated to contribute close to 69% in value to the overall market in Fiscal 2023. IMFL is dominated by brown spirits including whisky, rum, and brandy with a small share of white spirits including vodka and gin. This is unlike world markets where white spirits are dominant.

Indian beer market is projected to reach 480 million cases by Fiscal 2028 with market dominated by strong beer. Beer category has shown consistent growth in volumes since 2005 as volume crossed 320 million cases in Fiscal 2020. Wine category in India is estimated at 3 million cases in Fiscal 2023 and projected to grow to 5.9 million cases by Fiscal 2028 with a compounded annual growth rate of approximately 14.7% by volume.

India is the largest whisky market in the world
with almost one out of every second bottle of whisky sold in India. Whisky to lead growth in distilled spirits market in India. Indian whisky market is projected to reach 338 million cases by Fiscal 2028 from 210 million cases after a volume decline of close to 10% in Fiscal 2021 due COVID-19. Indian whisky market was valued at ₹ 1,508.80 million in Fiscal 2023 and is projected to reach ₹ 2,342.66 billion by Fiscal 2028.

Brandy market
was valued at ₹ 315.70 billion for Fiscal 2023. It accounted for approximately 14 % of the total IMFL market by value in Fiscal 2023. Brandy is projected to grow at a CAGR of approximately 7.7% over the period of Fiscal 2023 to Fiscal 2028 by value and is expected to reach ₹ 483.50 billion by Fiscal 2028. And by volume, it accounted for approximately 20.7% of IMFL market for the same period.

The Rum segment with a market size of ₹ 210.74 billion by value in Fiscal 2023 recovered from the impact of COVID-19 in Fiscal 2021 and Fiscal 2022 and attained the pre-COVID sales levels in Fiscal 2023. The market is expected to reach ₹ 321.70 billion by Fiscal 2028 growing at a CAGR of 7.5%. Rum volume was close to 51 million cases in Fiscal 2023. It is projected to reach approximately 62 million cases in Fiscal 2028.

Wines as undistilled alco beverage contribute close to 13% to pure alcohol consumption globally but In India the contribution is approximately 0.1%. Indian wine market crossed 3 million cases in Fiscal 2023 and is projected to grow to 5.9 million cases by Fiscal 2028, thus exhibiting a CAGR of 14.7% during the forecasted period. The Indian wine market reached approximately ₹ 26.60 billion by value in Fiscal 2023 and is expected to increase to ₹ 64.25 billion by Fiscal 2028 with a CAGR of 19.3% from Fiscal 2023 to Fiscal 2028 by value.

Indian beer market is projected to reach over 480 million cases Fiscal 2028, growing with a CAGR of 8% for the period between Fiscal 2023 to Fiscal 2028. Beer has become one of the most popular alcoholic beverages in the country over the past two decaded.

Threats and Challenges to Allied Belnders, and its products and services
1. Complex interstate structure and higher excise duty
2. Competition from International and Domestic players
3. Threat from illicit or counterfeit products and trademark infringements
4. Regulations and compliance for production and retailing
5. Supply chain and distribution Challenges
6. Shift towards low alcohol content drinks or non-alcoholic beverages

Allied Blenders and Distillers Limited Financial Information (Restated Consolidated)

Amount in (₹ in Million)

Period Ended 31 Dec 2023 31 Mar 23 31 Mar 22 31 Mar 21
Reserve of Surplus 3604.33 3572.76 3569.85 3278.51
Total Assets 27413.89 24877.02 22483.49 22985.68
Total Borrowings 7979.54 7762.47 8469.12 9547.39
Fixed Assets 3859.86 3916.14 5091.44 4632.37
Cash 296.18 275.45 96.70 434.89
Net Borrowing 7683.36 7487.02 8272.42 9112.5
Revenue 59149.78 71167.49 72081.65 63978.12
EBITDA 1862.01 1960.61 2075.51 2129.96
PAT 42.29 16.01 14.76 25.08
EPS 0.17 0.07 0.06 0.10

Note 1:- ROCE & ROE calculation is based on 31st Dec, 2023 Data, given in RHP.
Note 2:- Pre EPS and Post EPS is based on 31st Mar, 2023 Data, given in RHP.
Note 3:- RoNW calculation is based on 31st Dec, 2023, Data, given in RHP.
Note 4:- Price to Book Value is calculated based on 31st Dec, 2023 Data, given in RHP.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹0.07
EPS Post IPO (Rs.) ₹0.06
P/E Pre IPO 4014
P/E Post IPO 4683
ROE 1.03%
ROCE 24.35%
P/BV 16.77
Debt/Equity 1.88
RoNW 1.03%

Allied Blenders and Distillers Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
Allied Blenders & Distillers ₹0.07 24.35% 1.03% 4683 16.77 1.88 1.03%
United Spirits Limited ₹19.4 28.7% 21.7% 64.5 12.9 0.04 18.76%
Radico Khaitan Limited ₹19.1 13.2% 11.3% 93.2 10 0.34 9.98%
Globus Spirits Limited ₹33.5 19.8% 13.8% 23.6 2.32 0.34 13.78%
Allied Blenders and Distillers Limited Contact Details

ALLIED BLENDERS AND DISTILLERS LIMITED

394-C Lamington Chambers, Lamington Road, Mumbai– 400 004, Maharashtra, India
Contact Person : Ritesh Ramniklal Shah
Email : Complianceofficer@abdindia.com
Mobile : +91 22 43001111
Website : www.abdindia.com

Allied Blenders and Distillers IPO Registrar and Lead Manager(s)

Registrar- Link Intime India Private Limited
Contact Person : Shanti Gopalkrishnan
Telephone : +91 22 4918 6200
Email : abdl.ipo@linkintime.co.in

BOOK RUNNING LEAD MANAGERS
1. ICICI Securities Limited
2. Nuvama Wealth Management Limited
3. ITI Capital Limited

Allied Blenders and Distillers IPO Review

Allied Blenders and Distillers Limited is the largest Indian-owned Indian-made foreign liquor (“IMFL”) company and the third largest IMFL company in India, in terms of annual sales volumes between Fiscal 2014 and Fiscal 2022. We are one of the only four spirits companies in India with a pan-India sales and distribution footprint, and a leading exporter of IMFL, and had an estimated market share (in terms of sales volume) of 11.8% in the Indian whisky market for Fiscal 2023. Certain of our brands, such as, Officer’s Choice Whisky, Sterling Reserve, Officer’s Choice Blue and ICONiQ Whisky, are ‘Millionaire Brands’ or brands that have sold over a million 9-litre cases in one year.

The Company have a professional and experienced Promoters named Kishore Rajaram Chhabria, who have a experience of nearly 19 years in the field of management. Other Key Members includes Shekhar Ramamurthy, who holds 33 years of experience in various roles, including marketing, corporate planning and sales. Prior to joining our Company, he was associated with United Spirits Limited and United Breweries Limited.

Financially, Allied Blenders and Distillers Limited revenue increased from ₹63978.12 Million in FY21 to ₹72081.65 Million in FY22, and decreased to ₹71167.49 in FY23, and currently at ₹59,149.78 Million for 9MFY24. Whereas, EBITDA decreased from ₹2129.96 Million in FY21 to ₹2075.51 Million in FY22 and further decreased to ₹1960.61 Million in FY23 and currently at ₹1862.01 Million. The PAT also decreased from ₹25.08 Million in FY21 to ₹14.76 Million in FY22, but increased thereafter to ₹16.01 Million in FY23 and further to ₹42.29 Million for 9MFY24 as well. This doesn't indicates steady growth in financial performance.

For the Allied Blenders and Distillers Limited IPO, the company is issuing shares at a pre-issue EPS of ₹0.07 and a post-issue EPS of ₹0.06. The pre-issue P/E ratio is 4014x, while the post-issue P/E ratio is 4683x against the industry P/E ratio of 30.81x. The company's ROCE for 9MFY24 is 24.35%, and ROE for 9MFY24 is 1.03%These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) indicates potential listing gains of 0%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid the IPO for listing gains or long term Investment purposes.

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