BENGALURU, June 27 Reuters Indian whisky maker Allied Blenders and Distillers39; 180million IPO was oversubscribed on Thursday but fell short of the blowout demand for recent issues amid concerns about its growth prospects in an increasingly competitive liquor market.

The IPO, the first by an alcohol company since Sula Vineyards39; in 2022, received bids for 924.9 million shares, worth up to 3.12 billion and about 23 times the 39.4 million shares on offer, exchange data showed.

In contrast, all the four previous IPOs on the main exchange this month, including engineering firm DEE Development Engineers, were oversubscribed by around hundred times.

Most of the bids came in the final hours of bidding on Thursday, with institutional buyers bidding for 50 times the shares allotted, while retail investors bid for about four times the allotment.

Allied Blenders, which sells 39;Officer39;s Choice39; and 39;Sterling Reserve39; whisky, is going public in a booming Indian IPO market.

A total of 129 companies have raised 4.32 billion in IPOs so far this year, more than double the amount raised by this time last year, per LSEG data, with the domestic equity market at an alltime high on the prospect of healthy economic growth.

Allied Blenders faces stiff competition in India39;s 33 billion spirits market, including from Radico Khaitan39;s 39;Rampur Whisky39; and Diageoowned United Spirits39; 39;Johnnie Walker39; and 39;Black Dog39;.

The company39;s share of the premium portfolio…