Aspri Spirits, one of India’s largest and most influential players in the premium and luxury alco-beverage distribution space, has filed DRHP with the Securities and Exchange Board of India (SEBI), marking a significant milestone in the evolution of India’s imported spirits and wines market.
Aspri Spirits IPO Structure & Details
Aspri Spirits IPO will comprise a fresh issue of INR 140 crore and an OFS of 50 lakh shares of face value INR 5 each. The IPO proceeds will be utilised for deleveraging the balance sheet, while the OFS will enable partial monetisation by existing promoters and other shareholders. Motilal Oswal Investment Advisors and Nuvama Wealth Management are acting as the Book Running Lead Managers, with Bigshare Services appointed as the Registrar to the Offer.
Promoters & Selling Shareholders
Aspri Spirits is promoted by Jaikishan Sham Matai, Arunkumar Venkat Bangalore, Gautam Nandkishore Matai and Pritish Jaikishan Matai, all of whom bring decades of experience in the alco-beverage and allied sectors. Several promoters and promoter group entities are participating in the OFS, alongside non-promoter shareholders such as Parameshwari Narang, Emerald Electronics and Whiteline Impex. Below is the list of selling shareholders in Aspri Spirits IPO:
| Name of Selling Shareholder | Type | Number of Equity Shares Offered |
|---|---|---|
| Jaikishan Sham Matai | Promoter Selling Shareholder | 10,10,000 |
| Matai Jackie Sham HUF | Promoter Selling Shareholder | 7,60,000 |
| Gautam Nandkishore Matai | Promoter Selling Shareholder | 6,80,000 |
| Arunkumar Venkat Bangalore | Promoter Selling Shareholder | 4,30,000 |
| Duru Matai | Promoter Group Selling Shareholder | 1,80,000 |
| Kajal Matai | Promoter Group Selling Shareholder | 1,80,000 |
| Vrutika Matai | Promoter Group Selling Shareholder | 1,80,000 |
| Parameshwari Narang | Other Selling Shareholder | 6,00,000 |
| Emerald Electronics Private Limited | Other Selling Shareholder | 4,80,000 |
| Pavan Narang | Other Selling Shareholder | 2,60,000 |
| Whiteline Impex Private Limited | Other Selling Shareholder | 2,40,000 |
Aspri Spirits IPO: Use of Funds
The company intends to deploy the net proceeds primarily towards:
- Repayment or pre-payment of outstanding borrowings of Aspri Spirits (INR 76.0 crore)
- Investment in subsidiaries—Vinspri Distributors, P M Marketing, Asdis Drinks India and Aspri Spirits FZE—for repayment of their borrowings (INR 29.0 crore)
- General corporate purposes
Business Overview: Asset-Light Leader in Premium Imports
Founded in 2004, Aspri Spirits operates as an integrated marketing, development and distribution partner for global alco-beverage brands across India and South Asia. According to industry reports, the company is the largest alco-beverage distribution company in India by brand portfolio size, with 323 brands and approximately 835 SKUs sourced from 89 suppliers across 36 countries as of 30 September 2025.
Its portfolio spans all major categories including whisky, vodka, gin, tequila, rum, brandy & cognac, wine and beer, with a strong emphasis on premium and luxury segments. Global legacy brands such as Dalmore, Whyte & Mackay, Camus, Beluga, Molinari and Amarula sit alongside exclusive partnerships and proprietary brands like U’Luvka, Dos Flamos, Barrhead’s and What The Fox.
Aspri Spirits IPO: Market Position
Aspri Spirits holds a dominant position in premium imports, being:
- The largest importer of liqueurs, with a 57% market share
- A top-three player in wine imports
- Among the top five players in total BIO imports
- The largest importer of BIO wines by volume in FY25
High regulatory complexity, entrenched pan-India distribution infrastructure, exclusive supplier arrangements and strong compliance capabilities—further strengthened by its subsidiary’s AEO Tier-2 certification—create substantial barriers to entry.
Aspri Spirits’ Distribution Network & Customer Base
The company operates across 28 states and union territories, servicing over 17,000 outlets and more than 1,800 customers spanning state corporations, hotels, bars, restaurants, retail stores and duty-free channels. Its reach extends to international markets such as Sri Lanka, Nepal, Bhutan, Maldives, UAE and Poland.
No single customer contributes more than ~23% of revenues, and over 70% of revenues are derived from customers associated for more than five years, indicating strong relationship depth and revenue stability.
Aspri Spirits IPO: Financial Performance
Aspri Spirits has delivered steady topline growth, with revenue from operations rising from INR 378.25 crore in FY23 to INR 460.68 crore in FY25. Profitability, while impacted by working-capital intensity and finance costs, remains robust:
- FY25 EBITDA: INR 37.44 crore (8.1% margin)
- FY25 PAT: INR 17.44 crore (3.8% margin)
- Net realization per case: INR 17,666 in FY25, significantly above the industry average of INR 1,000–2,000
- Net debt: INR 102.88 crore as of FY25, which the IPO proceeds aim to materially reduce
The premium and luxury focus has enabled superior unit economics, lower price elasticity and improved operating leverage over time.
Outlook
Aspri Spirits IPO comes at a time when India’s luxury alco-beverage segment is projected to grow at a CAGR of over 18% through FY30, driven by premiumisation, rising disposable incomes and evolving consumer preferences. With its asset-light model, entrenched supplier relationships, premium portfolio and deleveraging-focused use of proceeds, the company is positioning itself to capitalise on this structural growth trend.
Aspri Spirits IPO DRHP filing marks a notable development in India’s consumer and lifestyle IPO landscape, particularly within the tightly regulated alco-beverage sector, where scale, compliance capability and brand relationships remain decisive competitive advantages.
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