Aspri Spirits (NEW IPO): GMP today, Price, Review, Profit, Detail

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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.

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

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.

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.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 140 Cr Fresh issue + 50 Lakh equity shares
Fresh Issue:₹ 140 Cr
Offer for Sale: 50 Lakh equity shares
Price Range:TBA
Lot Size:TBA
GMPPending

Aspri Spirits Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 73.67 Cr
Revenue:₹ 460.67 Cr
EBITDA₹ 37.44 Cr
PAT₹ 17.44 Cr
EBITDA Margin:~8.13%
PAT Margin~3.78 %
Face Value:₹ 5 Per Equity Share

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Borrowing payment~ ₹ 76.00 Cr
Investment in subsidiaries~ ₹ 29.00 Cr
Capital expenditure~ ₹ 00 Cr
General Corporate PurposeBalance

Aspri Spirits Limited Financial Data

202320242025
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

Aspri Spirits Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
12-Mar₹ –₹ –₹ –
11-Mar₹ –₹ –₹ –
10-Mar₹ –₹ –₹ –
09-Mar₹ –₹ –₹ –
08-Mar₹ –₹ –₹ –

IPO Pros & Cons

Strengths:

  • 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.

Risks:

  • 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.
  • High Competition: Faces intense pressure from global giants and large domestic manufacturers.
  • Working Capital: Operations are highly intensive due to heavy inventory and receivables.

Aspri Spirits Limited 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~08.55%
–

Aspri Spirits Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Aspri Spirits Limited

Lead / Book Running Lead ManagersMotilal Oswal Investment Advisors Limited,
Nuvama Wealth Management Limited
Registrar (RTA)Bigshare Services Private Limited.

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