(Bloomberg) -- Indian spirits manufacturer Allied Blenders & Distillers Ltd. set the terms for an initial public offering that could value the firm at 80 billion rupees ($960 million), according to people familiar with the matter.

The Mumbai-based distiller plans to offer shares for between 267 rupees and 281 rupees apiece, raising 15 billion rupees ($180 million), said the people, who declined to be identified discussing confidential information. The terms may be announced this week, they said.

The company, which makes Officer’s Choice whiskey, said in a draft prospectus published in January that it may look to raise up to 15 billion rupees. That would be split between a fresh share of 10 billion rupees and a 5 billion rupee sale by existing owners, the prospectus said.

A representative for Allied Blenders & Distillers declined to comment.

The company, which also makes Jolly Roger rum, as well as vodka, gin and bottled water, got approval from the Securities & Exchange Board of India for its IPO in May. The company had explored a listing several years ago as well, with Bloomberg News reporting in 2021 it was seeking a valuation of at least $2.5 billion.

Lead managers on the listing are ICICI Securities Ltd., Nuvama Wealth Management Ltd. and ITI Capital Ltd., according to the prospectus.

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