Aspri Spirits IPO

Aspri Spirits Ltd. filed the DRHP on December 11, 2025. The Aspri Spirits IPO is a 100% book-built offer that includes both a fresh issue of shares and an offer for sale from existing shareholders.

The fresh issue component aims to raise up to ₹1,400 million (approx ₹140 crore) and the Offer for Sale (OFS) involves up to 5,000,000 equity shares being offloaded by the promoters and other selling shareholders. While the specific price band and the official open/close dates are yet to be announced through national dailies, the shares will have a face value of ₹5 each. The company has proposed to list its shares on both the BSE and NSE.

Now, the company will transform from a private limited company to a public limited company; for that, they have appointed Motilal Oswal Investment Advisors Ltd., Nuvama Wealth Management Ltd. as the Book Running Lead Managers (BRLM) and Bigshare Services Private Ltd. as the Registrar to the offer.

Company Background

Aspri Spirits Ltd. was incorporated on August 30, 2004, but become officially public limited company in November 2025. This company is headquartered in Mumbai, Maharashtra. The company has grown its footprint all over India to become a prominent importer and distributor of premium alcoholic beverages.

Within these two decades, Aspri Spirits has transformed from a private enterprise into a significant player in the Indian alcoholic beverage industry. This company currently maintains its physical presence across 30+ states and Union Territories. To ensure that their built portfolio reaches a wide demographic of urban and semi-urban consumers in India.

Operations & Product Range

This company specializes in the import, sales and distribution of high-end international spirits and wines. Unlike domestic manufacturers that focus on high-volume local production, Aspri curates a premium portfolio to accelerate the "premiumization" trend in the Indian market.

The company's operations involve managing a diverse range of 247 brands as of FY 2025. Its product range includes:

• • International Spirits, like Premium vodka, gin, whiskey and liqueurs from global markets.
• • An integration of international wines catering to the growing wine culture in India.
• • Premium imported beer brands that complement its spirit and wine offerings.

The primary target customers include high-end hotels, restaurants, bars and premium retail liquor outlets, as well as duty-free shops at international airports.

Facilities & Capacity

Aspri Spirits Ltd. operates through a polished logistics and warehousing network to handle its imported goods. Their infrastructure includes centralized and regional warehouses for stock control that are strategically located to serve various states, which often act as distinct markets due to differing excise laws.

While the DRHP does not specify "installed manufacturing capacity" since the core business is import and distribution, the company focuses on its warehousing efficiency and distribution reach. Expansion plans outlined in the documentation emphasize strengthening this distribution network and increasing the number of touchpoints in metropolitan and Tier-2 cities to accommodate the growing demand for premium international brands.

Brands & Market Presence

The market presence of Aspri Spirits Limited is defined by its extensive portfolio of over 240 global brands. The company has successfully positioned itself as a bridge between international liquor houses and the Indian consumer.

Its brand strength is supported by several factors:

• • Presence in 30+ states and UTs, serving over 2,700 high-end establishments including hotels and bars.
• • The company has an international presence in 8 countries, further diversified by its subsidiary in the UAE, Aspri Spirits FZE.
• • The company maintains necessary ISO certifications and adheres to stringent EHS (Environment, Health and Safety) standards required for the handling and distribution of alcoholic beverages.

Revenue Streams & Business Model

The revenue model for the Aspri Spirits Limited IPO is primarily driven by the wholesale distribution of alcoholic beverages. For the fiscal year 2025, the company reported revenue from operations of ₹4,606.79 million.

The primary revenue sources are:

• Sales of Imported Spirits and Wines: Revenue generated through the distribution to retail stores, hotels and restaurants.
• Duty-Free Sales: Income from operators at international airports.
• Value-Added Services: Assisting global suppliers with market entry strategies, assortment planning and promotional calibration.

In terms of regional contribution, the company's revenue is geographically diversified across India, with a strong focus on high-consumption zones like Maharashtra, Delhi and Karnataka.

Management & Shareholding

Promoters & Shareholding

The promoters of the company are Jaikishan Sham Matai, Matai Jackie Sham HUF, Gautam Nandkishore Matai, Arunkumar Venkat Bangalore and Pritish Jaikishan Matai. These individuals have extensive experience in the alcohol beverage industry, steering the company since its inception. Before the Aspri Spirits Limited IPO, the promoters held a dominant share of the equity, which will be diluted post-listing as part of the fresh issue and the offer for sale.

Board & Key Management

The board is led by Gautam Nandkishore Matai, who serves as the Managing Director. The leadership team also includes Rajesh Talreja as the Chief Financial Officer and Vidhi Kothari as the Company Secretary and Compliance Officer. The board is complemented by Independent Directors who provide oversight in areas like audit and corporate governance.