Allied Blenders and Distillers shares close at 13% on stock market debut

Shares of Allied Blenders and Distillers, the maker of Officer’s Choice Whisky, ended with a premium of over 13% against the issue price of Rs 281 on July 2.

The stock opened at Rs 318.10 on the BSE, up 13.20% from the issue price, and later rose to Rs 324.40, a 15.44% increase. By the end of the day, shares settled at Rs 317.85, rallying 13.11%.

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On the NSE, shares listed at Rs 320, marking a 13.87% jump, and closed at Rs 317, up 12.81%.

The company’s market valuation stood at Rs 8,890.59 crore. In volume terms, 36.95 lakh shares were traded on the BSE and 493.59 lakh shares on the NSE.

The initial public offer of Allied Blenders and Distillers saw 23.49 times subscription on the final day of bidding on June 27. The Rs 1,500-crore share sale included a fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 500 crore. The price range was Rs 267-281 per share.

Proceeds from the fresh issue worth Rs 720 crore will be used to pay off debt, with a portion allocated for general corporate purposes.

With a market share of over 8% in the Indian-Made Foreign Liquor (IMFL) market by sales volume in fiscal 2023, Allied Blenders and Distillers manufactures, markets, and sells alcoholic beverages in India and abroad. Their product portfolio includes brands like Officer’s Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.