Indian Whiskey Giant Allied Blenders & Distillers Eyes $180 Million IPO: Valuation Soars to $960 Million

Allied Blenders & Distillers, an Indian spirits maker, is planning an initial public offering (IPO) that could value the company at Rs 80 billion ($960 million). The Mumbai-based company aims to sell shares priced between Rs 267 and Rs 281 each, aiming to raise Rs 15 billion ($180 million), according to sources familiar with the matter.

The company, known for producing Officer’s Choice whiskey, mentioned in a draft prospectus in January that it planned to raise up to Rs 15 billion. This amount would include Rs 10 billion from new shares and Rs 5 billion from shares sold by existing owners.

Allied Blenders & Distillers, which also makes Jolly Roger rum, vodka, gin, and bottled water, received approval from the Securities & Exchange Board of India for its IPO in May. The company had previously considered going public, with reports in 2021 suggesting it sought a valuation of at least $2.5 billion.

The IPO is being managed by ICICI Securities Ltd., Nuvama Wealth Management Ltd., and ITI Capital Ltd. A representative for Allied Blenders & Distillers declined to comment on the matter.