Allied Blenders IPO Subscription Status

Allied Blenders IPO Subscription Status on Day-3 at 23.55 times

As of 6.56 pm on 27th June 2024, out of the 393.72 lakh shares on offer in the IPO (excluding anchor portion), Allied Blenders and Distillers saw bids for 9,271.11 lakh shares. This implies an overall subscription of 23.55X at a macro level. The granular break-up of subscriptions as of the close of the third day of the Allied Blenders IPO was as under:

The subscriptions were led by the QIB investors followed by the HNI Investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE / NSE

The IPO is open up to June 27, 2024, at which point we will know the final subscription status of the IPO. As of today, it is updated as of the end of Day-3 of the IPO. The IPO has closed for subscription and the table above depicts the final subscription for the IPO.

The stock of Allied Blenders and Distillers has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹267 to ₹281 per share. The IPO of Allied Blenders and Distillers will be a combination of a fresh issue of shares and offer for sale (OFS) component. The issue closes for subscription on 27th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 01st July 2024 under ISIN (INE552Z01027).

Allied Blenders and Distillers IPO Subscription Status on Day-2 at 1.52 times

As of 5.12 pm on 26th June 2024, out of the 393.72 lakh shares on offer in the IPO (excluding anchor portion), Allied Blenders and Distillers saw bids for 596.69 lakh shares. This implies an overall subscription of 1.52 times at a macro level. The granular break-up of subscriptions as of the close of the second day of the Allied Blenders IPO was as under:

The subscriptions were led by HNI / NII investors, followed by Retail investors and QIB investors in that order. QIB and NII bids typically gather momentum on the last day, which is expected in this issue as well. Both QIB and NII bids gain momentum on the last day due to bulk HNI funding bids, corporate bids, and bulk QIB bids. Here are the details of the category-wise subscription. The overall subscription excludes the anchor portion.

Data Source: BSE / NSE

The IPO is open up to June 27, 2024, at which point we will know the final subscription status of the IPO. As of today, it is only the updated as of the end of Day-2 of the IPO.

The stock of Allied Blenders and Distillers has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹267 to ₹281 per share. The IPO of Allied Blenders and Distillers will be a combination of a fresh issue of shares and offer for sale (OFS) component. The issue closes for subscription on 27th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 01st July 2024 under ISIN (INE552Z01027).

Allied Blenders IPO Subscription Status on Day-1 at 0.51 times

As of 5.15 pm on 25th June 2024, out of the 393.72 lakh shares on offer in the IPO (excluding anchor portion), Allied Blenders and Distillers saw bids for 201.97 lakh shares. This implies an overall subscription of 0.51X at a macro level. The granular break-up of subscriptions as of the close of the first day of the Allied Blenders IPO was as under:

The subscriptions were led by the HNI / NII investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription excludes anchor portion.

Data Source: BSE

The IPO is open up to June 27, 2024, at which point we will know the final subscription status of the IPO. As of today, it is only the updated as of the end of Day-1 of the IPO.

Allied Blenders and Distillers – Share Allocation Across Categories

The anchor issue of Allied Blenders and Distillers Ltd saw a relatively strong response on 24th June 2024 with 28.87% of the IPO size getting absorbed by the anchors. Out of 5,53,53,875 shares (553.54 lakh shares approximately) on offer, the anchors picked up 1,59,82,206 shares (159.82 lakh shares approximately) accounting for 28.87% of the total IPO size. The anchor placement reporting was made to the BSE late on Monday, 24th June 2024; one working day ahead of the IPO opening on Tuesday, 25th June 2024. 

The entire anchor allocation was made at the upper end of the price band of ₹281 per share. This includes the face value of ₹2 per share plus a share premium of ₹279 per share, taking the anchor allocation price to ₹281 per share. Let us focus on the anchor allotment portion ahead of the Allied Blenders and Distillers Ltd IPO, which saw the anchor bidding opening and also closing on 24th June 2024. Post the anchor allocation, here is how the overall allocation looked.

Data Source: Company RHP / BSE

Here it must be noted that the 1,59,82,206 shares allocated to the anchor investors on 24th June 2024, were actually reduced from the original QIB quota; and only the residual amount would be available to QIBs in the IPO. That change has been reflected in the table above, with the QIB IPO portion reduced to the extent of the anchor allocation. As a result, the QIB quota has reduced from 49.13% before the anchor allocation to 20.26% after the anchor allocation. The overall allocation to QIBs includes the anchor portion, so the anchor shares allotted has been deducted from the QIB quota for the purpose of the public issue.

About Allied Blenders and Distillers IPO

The stock of Allied Blenders and Distillers has a face value of ₹2 per share and the price band for the book building IPO has been set in the range of ₹267 to ₹281 per share. The IPO of Allied Blenders and Distillers will be a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue portion of the IPO of Allied Blenders and Distillers comprises the issue of 3,55,87,189 shares (355.87 lakh shares approximately), which at the upper price band of ₹281 per share will translate into a fresh issue size of ₹1,000.00 crore. The offer for sale (OFS) portion of the IPO of Allied Blenders and Distillers comprises the sale / offer of 1,77,93,594 shares (177.94 lakh shares approximately), which at the upper price band of ₹281 per share will translate into an OFS size of ₹500.00 crore.

Read more about Allied Blenders IPO

The 177.94 lakh shares in the OFS is being offered entirely by the promoter shareholders of the company. The selling promoter shareholders include; Bina Kishore Chhabria, and Resham Chhabria Jeetendra Hemdev. Therefore, the total IPO of Allied Blenders and Distillers will comprise of a fresh issue and an OFS of 5,33,80,783 shares (533.81 lakh shares approximately) which at the upper end of the price band of ₹281 per share aggregates to total issue size of ₹1,500.00 crore. These numbers are subject to minor changes in the final quota allocations. The IPO of Allied Blenders and Distillers will be listed on the NSE and the BSE on the IPO mainboard.

The fresh funds will be used for repayment / prepayment of some of its high cost loans. The promoters of the company are Kishore Rajaram Chhabria, Bina Kishore Chhabria, Resham Chhabria Jeetendra Hemdev, Bina Chhabria Enterprises Private Ltd, BKC Enterprises Private Ltd, Oriental Radios Private Ltd, and Officer's Choice Spirits Private Ltd. The promoters currently have a 96.21% stake in the company, which will get diluted post the IPO to 80.91%. The IPO will be lead managed by ICICI Securities, Nuvama Wealth, and ITI Capital; while Link Intime India Private Ltd will be the IPO registrar.

Next Steps in the Allied Blenders and Distillers IPO

The issue opens for subscription on 25th June 2024 and closes for subscription on 27th June 2024 (both days inclusive). The basis of allotment will be finalized on 28th June 2024 and the refunds will be initiated on 01st July 2024. In addition, the demat credits are expected to also happen on 01st July 2024 and the stock will list on 02nd July 2024 on the NSE and the BSE. Allied Blenders and Distillers Ltd will test the appetite for private sector new age distiller brands in India. The credits to the demat account to the extent of shares allotted will happen by the close of 01st July 2024 under ISIN (INE552Z01027).

Check Allied Blenders IPO allotment status