Aspri Spirits IPO

About Aspri Spirits IPO

The IPO of Aspri Spirits comprises only a fresh issue and an offer for sale. The fresh issue aggregates up to ₹140 crores, while the offer for sale is up to 5,000,000 equity shares. The price band is ₹[TBA] per share.

Aspri Spirits IPO opens on [TBA] and closes on [TBA]. The allotment of shares will take place on [TBA]. The credit of shares to the Demat account will take place on [TBA]. The initiation of refunds will take place on [TBA]. The listing of shares will take place on [TBA].

The lot size of shares in the IPO is [TBA]. The minimum number of lots in the IPO for retail investors is [TBA]. The minimum investment amount required by a retail investor is ₹[TBA] based on the upper price.

Established in 2004, Aspri Spirits is an integrated marketing development and distribution partner for global alco-beverage brands in India and South Asia. It’s the largest alco-beverage distribution company in India, in terms of brand portfolio size with 323 brands as of September 30, 2025.

Objectives of Aspri Spirits IPO

The company proposes to utilise the net proceeds received for:

• Repayment and/or pre-payment, in part or full, of all or certain outstanding borrowings
• Investment in its subsidiaries namely Vinspri Distributors, P M Marketing, Asdis Drinks India and Aspri Spirits FZE
• General corporate purposes

Industry Outlook

The Indian alcoholic beverages market is one of the fastest-growing markets globally, valued at ₹3,552 billion in FY2025 and projected to grow at a CAGR of 10.5% to reach ₹5,850 billion in FY 2030. From FY 2019 to FY 2024, the total market value rose from ₹2,176 billion to ₹3,268 billion, reflecting a CAGR of 8.5%.

During this period, the distilled segment grew at 8.2%, while the undistilled segment outpaced it with a 9.8% CAGR, highlighting increasing consumer preference for products such as beer, wine, and other fermented beverages.

In FY 2025, market growth was supported by 8.4% growth in the distilled category and 10.2 % growth in the undistilled segment. This robust growth outlook is underpinned by factors such as rising disposable incomes, premiumisation trends, evolving lifestyle choices, and the expansion of organised retail.

Aspri Spirits Company Information

Established in 2004, Aspri Spirits is an integrated marketing development and distribution partner for global alco-beverage brands in India and South Asia. It’s the largest alco-beverage distribution company in India, in terms of brand portfolio size with 323 brands as of September 30, 2025.

The company is engaged in importing, marketing and distributing international alco-beverages and also undertake strategic brand development. It operates across a large pan-India network that covers all key channels of the alco-beverage industry, which together form a comprehensive route-to-market offering for international brands seeking distribution and market development in India and South Asia.

Strengths of Aspri Spirits

• Diversified product portfolio with specialisation in premium and luxury global alco-beverage categories
• Long-standing and exclusive partnerships with global premium and luxury brands, complemented by proprietary brand offerings
• Extensive distribution network with a diversified customer base across India and South Asia
• Leading player in the alco-beverage sector with high entry barriers
• Promoter led management team with deep industry expertise, long-standing entrepreneurial vision and professional governance orientation
• Favourable financial profile and unit economics driven by premium and luxury product focus, improving margins and an asset-light business model

Risks of Aspri Spirits

• Business is dependent on the timely grant and renewal of state-wise excise label registrations
• Operations are subject to extensive central and state regulations
• Inability to collect receivables and default in payment from customers could result in the reduction of profits and affect cash flows
• Reduction in the sales of spirits portfolio could have a material adverse effect on business
• Revenue from operations is dependent upon a few customers
• Working capital cycle may be adversely affected by fluctuations in inventory requirements arising from state excise policies, operational considerations and regulatory changes
• Dependence on distribution network for the sale and distribution of the products of customers may expose it to risks relating to loss of brand rights
• Consumer tastes and preferences are subject to change, and its portfolio of premium and luxury alco-beverages may not appeal to consumers in the future
• Supply disruptions in the supply of products offered could adversely and materially affect business
• The company is subject to product liability claims that could harm its business, financial condition and results of operations

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: Bigshare Services
• Book Running Lead Managers: Motilal Oswal Investment Advisors and Nuvama Wealth Management

Aspri Spirits Business Model

Aspri Spirits has a presence in all major categories including whiskey, rum, brandy, vodka, gin, wine, beer, and tequila. As of September 30, 2025, its carefully curated portfolio comprised 323 brands from 89 suppliers and 835 stock keeping units (“SKUs”), from 36 countries across categories such as whisky, vodka, gin, tequila, rum, brandy & cognac, liqueur, wine and beer.

Aspri Spirits Company Growth Trajectory

The revenue from operations of Aspri Spirits increased from ₹378.252 crores in FY 23 to ₹460.679 crores in FY 25. Sales volume of spirits increased from 67.53% in FY 23 to 79.18% in FY 25. Diversified product portfolio and its extensive distribution network with a diversified customer base across India and South Asia have helped the company grow over the years.

Aspri Spirits Market Position

Aspri Spirits operates across a large pan-India network that covers all key channels of the alco-beverage industry, which together form a comprehensive route-to-market offering for international brands seeking distribution and market development in India and South Asia.

As of September 30, 2025, its operations extended across 28 states and union territories, covering over 17,000 outlets, supported by 168 sales and marketing professionals with regional expertise, dedicated compliance teams and warehousing infrastructure. Its operations also extend to select international markets in South Asia, including Sri Lanka, Bhutan, Nepal, along with markets in the UAE, Poland and the Maldives.

How to Apply for Aspri Spirits IPO?

To apply for Aspri Spirits IPO:

• Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.