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Maker of ‘Officer's Choice' whiskey Allied Blenders picks banks for $300-M IPO

Mint  

Indian spirits manufacturer Allied Blenders & Distillers Pvt Ltd has chosen banks including ICICI Securities Ltd. and Axis Capital Ltd. to manage its initial public offering. The Mumbai-based distiller is planning to raise USD 300 million in the first-time share sale and is seeking a valuation of at least USD 2.5 billion. Half of Allied Blenders' offering will consist of primary shares and the other, existing shares. Allied Blenders sells spirits ranging from whiskey and rum to brandy and vodka across 29 countries. It owns nine bottling units, one distilling facility and over 20 outsourced manufacturing sites