India’s Allied Blenders & Distillers (ABD) has initiated an initial public offering (IPO) to raise up to 15 billion rupees (US$180 million).
ABD, known for Indian whisky brands such as Officer’s Choice and Sterling Reserve, plans to offer new shares valued at up to 10 billion rupees (US$120 million) on the National Stock Exchange (NSE) of India. The remaining five billion rupees (US$60 million) will be raised through the sale of existing shares.
According to the IPO documentation, ABD is the largest Indian-owned company in the Indian-made foreign liquor (IMFL) category based on annual sales. Officer’s Choice Whisky leads the mass premium segment, holding a 20.9% market share in terms of annual sales volumes in fiscal 2023.
ABD expressed confidence in its ability to capitalize on the growing trend towards premiumisation of consumption, citing its extensive portfolio as a key advantage.
The Spirits Business has reached out to ABD for further comments.
The Brand Champions 2024 report highlighted that Officer’s Choice was the world’s third-best-selling Indian whisky in 2023, with 23.4 million cases sold. However, this figure represents a 6% decline compared to 2022. Once the world’s top-selling Indian whisky, Officer’s Choice now ranks behind United Spirits-owned McDowell’s and Pernod Ricard’s Royal Stag.
Sterling Reserve, another ABD brand, was the eighth largest Indian whisky in 2023, with sales of 5.1 million cases, marking a 1.6% increase from the previous year.
