Indian spirits maker Allied Blenders & Distillers Pvt. It has chosen banks including ICICI Securities Ltd and Axis Capital Ltd to manage its initial public offering, according to people familiar with the matter.
The Mumbai-based distiller plans to file preliminary offer documents by April and may add more bankers to the lineup, said the people, asked not to be identified because the information is private. Bloomberg News previously reported that Allied Blenders is planning to raise $300 million in share sale for the first time and seeks a valuation of at least $2.5 billion.
People said the company is targeting a listing in Mumbai at the earliest this year based on market volatility and regulatory approvals. He said half of Allied Blenders’ offering would consist of primary shares and the other half would be existing shares.
The people said discussions are on and the details of the share sale, including size and timing, could change. Representatives for Allied Blenders and ICICI Securities declined to comment, while Axis Capital did not immediately respond to a request for comment.
The maker of “Officers’ Choice” whiskey will join a strong slate of companies preparing for the first-ever share sale in Mumbai this year, including the Life Insurance Corporation of India. The state-backed insurer will seek to raise about $8.7 billion. This will be the country’s biggest IPO ever, people familiar with the matter have said.
Allied Blenders sells spirits in 29 countries, from whiskey and rum to brandy and vodka, according to its website. The website shows that it has nine bottling units, a distilling facility and more than 20 outsourced manufacturing sites.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,