The producer of Officer’s Choice and Sterling Reserve has said it would issue shares worth up to $120 billion as it looks to gain ground in an Indian whisky market increasingly dominated by Diageo/Untied Spirits and Pernod Ricard.
The additional $60 billion will be raised through the sale of existing shares.
In the latest addition of Drinks International’s The Millionaires’ Club, the ABD-owned Officer’s Choice was named the third best-selling Indian whisky, behind Diageo’s McDowell’s and Pernod’s Royal Stag, but had seen its volumes decline by 6% in 2023.
The Allied Blenders and Distillers IPO will open for subscription on 25 June.
