Allied Blenders and Distillers Limited IPO Message Board (Page 17)

Latest GMP as per local sources?
​@MAMU @B.M.SURANA

Yes, Sure.

Gmp 55-58

High P/E in thousands

For such a higly indebted company, it is more meaningful to look at EV/EBITDA. That is also on the higher side, but it is at least in the same ballpark as listed peers.

Gmp 68 24 percent

આ આઇપીઓ ભરવાનો ને નહિ ...... કઈ સમજાતું નથી

Blindly apply na krvo hoy to rehva do...
P/E ratio bov j high 6e...je kharab 6e..
And company no IPO already max price pr 6e so vdhare profit listing pr dekhatu nthi...

Baki tmara paisa, tmari ichaa , tmari capacity hold krvani....

Breaking news
Conformed 🔥🔥🔥🔥🔥
Emcure pharma ipo
Date 3 July to 5 july

Breaking news
Confirmed 🔥🔥🔥🔥🔥
Emcure pharma ipo
Date 3 July to 5 july
retail 35 percentage

Yes

Liquor ban in odisha?
Just read on Google (odisha tv)
Phase wise ban ignoring revenue loss to protect youths

May impact on ABD and other liquor stocks

Gujarat and Bihar already adopted now odisha?

​@harit Bhai jaha pe ban hoti hai, sabse jyada wahi bikhti hai 😂

I am from Gujarat, and if it is getting banned, trust me then it will make good business and profits.

Those who are 𝐧𝐨𝐭 applying, react here.
👍

I hope🦗 to see👀 some peeps👥 here.

Apply FF ?

Ia there anyway i can change my dp code and client code in big hni application?

Once the bhni application has been submitted, no modifications or withdrawal is allowed except for increasing the bid size. Unfortunately, dp code and client code etc. can not be changed now.

Having a quick glance through rhp
-Gross margins is table at 40%
-Excise duty is 65% of revenues which is paid to state govt.
-They predict to grow sales by 9% cagr for next 5 years and sales volume by 5.7% cagr
-Have 16 brands, 10 whisky, 3 rum ,3 brandy, 1 vodka. Have started selling premium gin in last months
-Cost of materials is ~30% of expenses, excise duty 55%, this total eats up more than 80% of total income
-Finance costs is ~2%
-Consumption is strong from Oct to March
-Officers choice brand contributes 75% of total sales. can be categorized these products as mass premium
-Prices of alcholic beverages are decided by state govt. MRP revision is decided annually in some states and in kerala and telangana it takes 4 years ( imp point).
Maharashtra revises through the year, exception.
In short they have less ability to control their selling prices
-Capacity utilization in telangana plant is 94%. and for 9 months its 99% !!
-Indian brands dominate top 30 whisky brands in world and is largest from consumption perspective.
-Allied blenders have only 1 distillery unit and 32 bottling units
-Whisky contributes 95% of total volumes
-WC days are much lower than listed ones, 30 days in fy2023 and was 10days in fy2022

Allied has a weaker balance sheet than United Spirits and Radico Khaitan and that is also reflected in the substantially lower credit rating. As far as WC is concerned, the terms on the customer side should be similar as all three supply to same/similar customers. It is possible WC is low because of delays in paying suppliers due to balance sheet stress. In that case, low WC days is a negative, not a positive.

Also, the company seems to have lower unit revenues ( INR operating revenue/ Number of cases sold) than the two major competitors, suggesting it has been unable to strongly penetrate the higher end, higher margin segments . Even the flagship Officer's Choice product seems to be losing market share as it used to be the number 1 selling brand not so long ago and has now dropped down in the rankings. The share of the non-whisky segment, which younger demographics prefer, also seems to be lower.

Funds from the IPO will fix some of the balance sheet problems, but the more structural ones are a harder fix.

Correction- In 3rd point, the indian made liquor market would grow with 9% cagr and not the company sales
@MuStrFc I have same thoughts. This issue is a risky bet. that being said india is predominantly whisky market, whisky sales are 60% of all alco-beverages. Plus abd covers 30 states, ebitda,sales are in degrowth mode after covid
@colcol Nice point you got there. Low unit revenues. I read that they operate in 440-1000 price band for whisky and have only one premium brand, sterling reserve (1000-2200rs).
They made a statment about expanding in premium segments but i think its just for ipo purpose.
Will refrain commenting on WC as my knowledge is limited
Overall risks are lot here. I would be watching from sidelines. But maybe someone can play this as a turnaround story for a longer holding period.
Cheers

Could you please let me can we use Sweep in facility for ipo ??
If yes the (which bank allowed this facility)???

Thanks in advance

ICICI, INDUSIND, KOTAK, AU, RBL do check with the banks as per your convenience.

No banks don't allow this facility. Create an od limit.

Employees are very keen to apply in this one so quickly 🤔

​@Dhiraj Ramchandani Total employee quota is 117647 shares. There are 900 odd employees, hence each employee will get 130 shares - atleast theoretically if all employees apply.

Understood @Chhote Lal , and thanks for that information!

💪 Achieved!

I am also holding vi and... vi blog is discontinued by admin... so sorry for posting message here and cheers for suceess in vi game

HOS:

BIG BREAKING:

TELECOM TARRIF HIKE TONIGHT.

HIGHLY POSITIVE FOR BHARTI & IDEA

See it's employee subscription, they knows company better than us .I am applying with full force

Employee subscription cannot be taken as sole criteria. Some Companies will arrange loans to employees atconcessional interest rates to subscribe to their own IPOs to project a better image about IPO. these are the times IPO investors to be cautious, Issues are getting heavily subscribed irrespective of their worth. In days of frenzy, losses will also be heavy as happened in IPOs like LIC, PAYTM, Zomato etc.,. Be Cautious in applying large sized IPOs with FF.

One off topic query:

Mutual Fund Holding through Groww app is not reflecting in CAMS & KFIN CAS reports..

Is this something to be afraid of or matter of concern ??

Expert comment please..

There was a news on CNBCTV18
about an allegation of a fraud in Groww. A customer alleged that the app had deducted money without executing the intended mutual fund investment. The investor had been receiving regular updates on the mutual fund unit's value, folio numbers, and other relevant details. But when the investor attempted to redeem the mutual fund unit, she found herself unable to do so. The Mutal Fund company responded by stating that the folio number provided, which had been visible on her Groww app dashboard, did not exist.

It is rare but not uncommon. Keeps happening only thing is people started to notice and groww is to blame for negligence. Sometimes payment fails but on good faith units are alloted with disclaimer that real units in account will only come once money reaches in AMC account. Nothing new in this. However groww did not remove those units which were never paid due to some error and person putting money knowingly or unknowingly kept thinking he or she has this investment completed. Not just groww, happens in zerodha, mfu, mf central, cams, karvy and many more onlinr platforms but good thing is they daily run holding files to cross check any discrepancies.

OFS of SANGI is closing for nii category today.

Indicative price of Sanghi is discovered 97.80 & closing price is above 103

Indicative price is irrelevant. Base bid price will be ₹100.20.

Even though enterprise valuation is not unreasonable and profit margins should improve substantially once debt is paid down, future prospects are not very rosy in my opinion. I will probably skip completely unless there is huge QIB interest. Certainly not a long term play for me.

To
NEW GEN CONSULTACY
Your considered views on this issue.
Appears VERY EXPENSIVE
May list at discount.
Your final views/advice would be appreciated
All our other Sr Members are also welcome to give their view and advice
regards

senior member what should be the final take on this ipo? should we apply or to be avoided..