(Bloomberg) -- Indian spirits manufacturer Allied Blenders & Distillers Pvt. 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 the preliminary offer documents by April and could add more bankers to the lineup, the people said, asking not to be identified as the information is private. Allied Blenders is planning to raise $300 million in the first-time share sale and is seeking a valuation of at least $2.5 billion, Bloomberg News reported earlier.
The company is targeting a listing in Mumbai as soon as this year, depending on market volatility and regulatory approval, the people said. Half of Allied Blenders' offering will consist of primary shares and the other half will be existing shares, they said.
Deliberations are ongoing and details of the share sale including size and timeline could change, the people said. Representatives of Allied Blenders and ICICI Securities declined to comment, while Axis Capital didn't immediately respond to a request for comment.
The maker of “Officer's Choice” whiskey will join a robust slate of companies preparing for first-time share sales in Mumbai this year, including Life Insurance Corp. of India. The state-backed insurer will seek to raise about $8.7 billion in what would be the country's largest ever IPO, people familiar with the matter have said.
Allied Blenders sells spirits ranging from whiskey and rum to brandy and vodka across 29 countries, according to its website. It owns nine bottling units, one distilling facility and over 20 outsourced manufacturing sites, the website shows.
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