Q1. What is the business of Aspri Spirits Limited ?

It specializes in the import, marketing, and distribution of premium international alcoholic beverages in India.

Q2. Why is the company raising funds via IPO?

Aspri Spirits is raising funds to repay outstanding borrowings, fund working capital, and support general corporate purposes.

Q4. What are the key risks to an investor?

High Competition: Faces intense pressure from global giants and large domestic manufacturers.

Q5. What are the potential upsides?

Potential upsides include rising premiumization trends, a recovering hospitality sector, and high entry barriers in a regulated market.

Q6. How to apply for the IPO?

Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

ASPRI SPIRITS LIMITED

Upcoming

ASPRI SPIRITS LIMITED

Market Cap

—-

IPO Issue Size

₹ 140 Cr Fresh issue + 50 Lakh equity shares

Expected Price by IPOCorner

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IPO Score

*Score varies on actual price

Aspri Spirits Limited is a premier Mumbai-based importer and distributor of international alco-beverages, operating an asset-light model across 28 states in India. As of September 2025, it manages the nation’s largest portfolio with 323 brands (including The Dalmore and Zonin) from 36 countries. The company filed its DRHP in December 2025 for an IPO comprising a ₹140 crore fresh issue and an offer for sale (OFS) of up to 5 million equity shares. Revenue grew 22% to ₹460.6 crore in FY25, driven by a high-margin focus on premiumization. Net proceeds are primarily earmarked for repaying ₹105 crore in debt and funding working capital to strengthen its distribution network of over 17,000 outlets.

Aspri Spirits Limited was incorporated on August 30, 2004 as is currently led by Mr. Gautam Nandkishore Matai.

Aspri Spirits (est. 2004) is a premier importer distributing 323 international brands like The Dalmore and Zonin. With a 57% liqueur import market share, its core offerings span premium wines, spirits, and proprietary labels, reaching over 17,000 outlets through an asset-light distribution network.

Aspri Spirits (est. 2004) is a leading premium alco-beverage importer with a 57% market share in liqueurs. Its asset-light network reaches 17,000+ outlets across 28 states, managing India’s largest portfolio of 323 international brands. The company filed its DRHP in 2025 for a ₹140 crore IPO.

Subscription date to apply for Aspri Spirits Limited is yet to be announced. Price band for the IPO is yet to be declared.

₹ 140 Cr Fresh issue + 50 Lakh equity shares

Fresh Issue

₹ 140 Cr

Offer for Sale

Up to 5,000,000 Equity shares

Year	2025
Networth	₹ 73.67 Cr
Revenue	₹ 460.67 Cr
EBITDA	₹ 37.44 Cr
PAT	₹ 17.43 Cr
EBITDA Margin	~8.13%
PAT Margin	~3.78%
Face Value	Rs.05 per Equity Share

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Borrowing payment	~ ₹ 76 Cr
Investment in Subsidiaries	~ ₹ 29 Cr
-	-
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 378.3	₹ 418.7	₹ 460.7
PAT (₹ Cr)	₹ 19.5	₹ 15.5	₹ 17.4
Asset (₹ Cr)	₹ 190.2	₹ 222.7	₹ 229.1
Net Worth (₹ Cr)	₹ 42.3	₹ 56.6	₹ 73.7

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Market Leader: Commands a dominant 57% market share in India’s liqueur imports.
Premium Portfolio: Largest brand count in India with 323 international premium brands.
Asset-Light Model: Scalable distribution-focused business without heavy capital expenditure on manufacturing.
Experienced Promoters: Led by industry veterans with deep expertise in global brand management.

Cons

Regulatory Sensitivity: Business is highly dependent on complex, state-specific excise policies.
Debt Levels: Significant outstanding borrowings of ₹102.88 crore impact the balance sheet.
Thin Margins: Reported PAT margins are relatively slim at 3.78% for FY25.
Working Capital: Operations are highly intensive due to heavy inventory and receivables.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Jaikishan Sham Mitai	22.85%
Matai Jackie Sham HUF	15.19%
Gautam Nandkishore Matai	13.54%
Arunkumar Venkat Bangalore	8.55%
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Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited

Registrar (RTA)

Bigshare Services Private Limited

Q1. What is the business of Aspri Spirits Limited ?
It specializes in the import, marketing, and distribution of premium international alcoholic beverages in India.
Q2. Why is the company raising funds via IPO?
Aspri Spirits is raising funds to repay outstanding borrowings, fund working capital, and support general corporate purposes.
Q4. What are the key risks to an investor?
High Competition: Faces intense pressure from global giants and large domestic manufacturers.
Q5. What are the potential upsides?
Potential upsides include rising premiumization trends, a recovering hospitality sector, and high entry barriers in a regulated market.
Q6. How to apply for the IPO?
Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.