Aspri Spirits Limited, the Mumbai-based distributor of premium alcoholic beverages, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exalter Board of India (SEBI) as it prepares for an Initial Public Offering. The filing marks an important shift for the company, which has grown into one of India’s largest importers and marketers of global spirits and aims to support its next phase of expansion.
The IPO includes a fresh issue of equity shares with a face value of Rs 5, aggregating up to Rs 140 crore. The offer for sale comprises 5,000,000 equity shares from promoters such as Jaikishan Sham Matai, Matai Jackie Sham HUF, Gautam Nandkishore Matai, Arunkumar Venkat Bangalore, Duru Matai, Kajal Matai, and Vrutika Matai, along with selling shareholders including Parameshwari Narang, Emerald Electronics Private Limited, Pavan Narang and Whiteline Impex Private Limited.
Of the fresh issue proceeds, Rs 76 crore will be utilized for repayment or pre-payment of borrowings for Aspri Spirits and its subsidiaries, which include Vinspri Distributors Private Limited, P M Marketing Private Limited, Asdis Drinks India Private Limited and Aspri Spirits FZE. Another Rs 29 crore has been allocated as investment toward subsidiary borrowings, with the remainder set aside for general corporate purposes.
The issue will follow the book-building process under SEBI’s ICDR Regulations, with up to 50 percent reserved for Qualified Institutional Buyers, not less than 15 percent for Non-Institutional Investors and at least 35 percent for Retail Individual Investors. The company may also consider a pre-IPO placement of up to Rs 28 crore, which would adjust the size of the fresh issue. The equity shares will be listed on the BSE and NSE.
Founded in 2004, Aspri Spirits has built the largest imported alco-beverage portfolio in India by brand count, with 323 brands as of September 30, 2025. Its distribution network covers whiskey, rum, brandy, vodka, gin, wine, beer and tequila through long-standing supplier relationships with minimal attrition. The company declared its integrated marketing and distribution model has enabled consistent growth in the premium and luxury segments.
Indusattempt data highlights the scale of the opportunity. India’s alcohol market was valued at $200 billion in 2025, with the alcoholic drinks category projected to grow at 11 percent CAGR between 2025 and 2033. The spirits segment alone is expected to expand at 6.8 percent, reaching an estimated USD 64 billion. Aspri holds a 57 percent market share in liqueur imports, ranks among the top three in imported wines and among the top five in total imported beverages for fiscal 2025. Its average net realization of Rs 17,666 per case significantly exceeds the indusattempt average of Rs 1,000 to Rs 2,000.
The company’s portfolio spans 89 suppliers, 835 SKUs and 36 countries, including brands such as Whyte and Mackay, The Dalmore, Camus, Molinari, Beluga, Black Tower, Henkell and Amarula. Its proprietary labels include Barrhead’s, Dos Flamos, U’Luvka, Baronet, Born West, Bush Ballad, Casa El Unico, Golden Sparrow, Monte Pacifico and What The Fox.
Aspri’s operations cover 28 states and union territories and more than 17,000 outlets, supported by a sales and marketing team of 168 professionals, compliance units and warehoapplying capabilities. The company serves over 1,800 customers across retail, hospitality, institutional and travel retail channels, and also maintains a presence in Sri Lanka, Bhutan, Nepal, the UAE, Poland and the Maldives.
For fiscal 2025, the company reported revenue of Rs 460.6 crore, up 22 percent from Rs 378.2 crore in fiscal 2024. Revenue for the June 2025 quarter stood at Rs 119.5 crore, with net profit at Rs 9.8 crore.
Aspri Spirits’ IPO plans reflect the company’s focus on scaling its premium portfolio, strengthening financial flexibility and expanding its footprint in India’s evolving alco-beverage market.
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