NEWS
INDIA’S ALLIED BLENDERS & DISTILLERS TO RAISE USD180M THROUGH IPO
By Siulan Law Mathews DipWSET
24-6-2024
Source: Allied Blenders & Distillers
India’s Allied Blenders & Distillers, owner of the popular Officer’s Choice and Sterling Reserve Indian whisky brands, has filed for an initial public offering (IPO) to raise a total of INR15 billion (USD180 million).
The distiller, which also makes gin and vodka, plans to issue new shares worth up to INR10b (USD120m), the additional INR5b (USD60m) will be raised through the sale of existing shares.
The IPO will open for subscription on 25 June.
The company has said that it will use the funds raised to gain ground in an Indian whisky market increasingly dominated by UK-owned Diageo/Untied Spirits and French-owned Pernod Ricard.
Despite a decline of 6 percent in sales volume in 2023, the Officer’s Choice brand is the third best-selling Indian whisky, behind Diageo’s McDowell’s and Pernod’s Royal Stag.
(the writer can be contacted at: info@thewinechronicle.com)
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