IPO corner: ABD subscribed 0.51 times on Day 1; Stanley Lifestyles closes 96X

Shares of Indian-made foreign liquor (IMFL) maker Allied Blenders and Distillers Ltd (ABD) opened for subscription today, receiving decent response across all categories. The overall IPO was subscribed 51%, with bids placed for 1,98,88,568 shares against 3,93,71,669 on offer, thus subscribing 0.51 times, the latest National Stock Exchange (NSE) data shows.

The quota fixed for Qualified Institutional Buyers(QIBs) was subscribed 2% as bids were received for 2,13,272 shares against 1,12,13,481 on offer. The Non-Institutional Investors (NII) category was subscribed 86% as bids were placed for 72,48,492 shares against 84,10,112 on offer. 

The Retail Individual Investors(RIIs) quota was subscribed 62% as the company received bids for 1,21,74,312 shares against 1,96,23,595 on offer. Only the shares set aside for employees were subscribed more than 100% (2.03 times), as bids were received for 2,52,492 shares against 1,24,481 on offer.

ABD has set a price band in the range of ₹267-281 per equity share of the face value of ₹2 for the IPO. The maker of Officers’ Choice Whisky aims to raise ₹1,500 crore at the upper end of the IPO price band. The company raised ₹449 crore from anchor investors on June 24, 2024.

Its issue is a combination of a fresh issue of 3.56 crore shares worth ₹1,000 crore and an offer for sale (OFS) of 1.78 crore shares aggregating to ₹500 crore. Under the OFS, promoter Bina Kishore Chhabria will be offloading shares worth ₹250 crore, while Resham Chhabria Jeetendra Hemdev and Neesha Kishore Chhabria will sell shares worth ₹125 crore each.

Established in 1988, Allied Blenders and Distillers offers four Indian-made foreign liquor categories -- whisky, brandy, rum, and vodka, while it sells packaged drinking water under the Officer's Choice, Officer's Choice Blue, and Sterling Reserve brands. 

Stanley Lifestyles IPO

The public issue of furniture maker Stanley Lifestyles was subscribed 96 times on the last day of the bidding process as the company received bids for 98,31,99,920 shares against 1,02,41,507 on offer, the NSE data shows. The QIB category was subscribed the highest 222.10 times as 62,75,98,200 shares were bid for against 28,25,777 reserved in this quota.

The NIIs category was booked 118.29 times, with bids placed for 26,31,71,760 shares vs 22,24,719 on offer. The quota reserved for retail investors also received good response, with bids placed for 9,24,29,960 shares against 51,91,011 on offer.

The public issue opened for subscription on June 21, 2024 and closed today. The furniture maker had raised ₹161.10 crore from anchor investors ahead of its IPO. The Bengaluru-based company allocated 43.66 crore equity shares to anchor investors at upper end of the IPO band of ₹369 per share.

Stanley Lifestyles looks to raise ₹537.02 crore at the upper end of the price band of ₹351-369 per equity share. The offer consists of a fresh issue of ₹200 crore of the face value of ₹2 apiece and an offer for sale up to 9,133,454 equity shares by promoters and other selling shareholders.

Established in 2007, Stanley Lifestyle is a super-premium and luxury furniture brand in India, selling products under the “Stanley” brand. As of December 31, 2023, Stanley operated 38 “company owned and company operated” (COCO) stores all located in the major metro-cities of Bengaluru, Chennai, New Delhi, Mumbai and Hyderabad.