Monika Alcobev IPO Subscribed 1.34 Times on Day 1; Retail Response Remains Subdued

Mumbai, 16 July 2025: Monika Alcobev Limited’s ₹165.63 crore Initial Public Offering (IPO) opened for public subscription today and recorded a total subscription of 1.34 times by the end of Day 1. The IPO, which includes a fresh issue of ₹137.03 crore and an offer for sale of ₹28.60 crore, is set to close on 18 July 2025. The company has set a price band of ₹271 to ₹286 per share, with a minimum lot size of 400 shares, requiring an investment of at least ₹2,16,800 for retail investors.

Non-Institutional Investors Lead Early Subscription Numbers

On the first day of bidding, the Non-Institutional Investor (NII) category saw the highest level of participation. This segment recorded a subscription of 4.11 times, with most of the interest driven by bids above ₹10 lakh, referred to as bNII. This sub-segment alone reached 5.98 times subscription, accounting for the majority of demand within the NII portion.

In contrast, the sNII category, where applications are below ₹10 lakh, recorded a subscription of just 0.38 times. Combined, the NII bids amounted to 33.14 lakh shares against an available quota of 8.06 lakh shares, with a total bid amount of approximately ₹94.79 crore. A total of 855 applications were logged in this category by close of bidding hours on Day 1.

Qualified Institutional Buyers Show Moderate Participation

The Qualified Institutional Buyers (QIB) segment saw a subscription of 1.09 times on Day 1. The company received bids for 11.67 lakh shares against the reserved 10.75 lakh shares, reflecting early institutional interest. The bid value in this segment stood at around ₹33.38 crore, although no detailed breakdown of institutional applicants was available at this stage.

Anchor investors had already committed to the IPO prior to its public opening, subscribing to 16.10 lakh shares worth ₹46.06 crore on 15 July 2025. These shares are subject to a lock-in period, with 50% of the holdings locked until 20 August 2025, and the remaining until 19 October 2025.

Retail Investors Yet to Show Significant Response

Retail investor participation remained limited on the first day, with the category seeing a subscription of just 0.30 times. Only 5.68 lakh shares were bid for, out of a total 18.81 lakh shares reserved for this segment. The bid value amounted to ₹16.26 crore, and the lack of early momentum in the retail category may result in more competitive bidding over the next two days.

Retail investors are allowed to apply for a maximum of two lots, while the minimum investment stands at ₹2,16,800. The cut-off price option is not available for any category in this issue, including retail.

Issue Structure and Listing Plans

The total IPO size stands at 57.91 lakh shares, comprising both fresh issue and offer for sale components. Out of this, 46.37% is allocated to Qualified Institutional Buyers, 13.92% to Non-Institutional Investors, and 32.49% to Retail Individual Investors. Additionally, 4.17 lakh shares are reserved for market makers.

The IPO is scheduled to close on 18 July 2025, with the allotment expected to be finalised by 21 July 2025. Refunds and demat credits will begin on 22 July 2025, and the company’s shares are expected to list on the BSE SME platform on 23 July 2025.

Lead Managers and Registrar Details

Monika Alcobev Limited has appointed Marwadi Chandarana Intermediaries Brokers Pvt. Ltd. as the book-running lead manager for the IPO. The registrar to the issue is MUFG Intime India Pvt. Ltd., and the market maker is Bhansali Value Creations Pvt. Ltd.

About Monika Alcobev Limited

Monika Alcobev Limited is engaged in the import, marketing, and distribution of alcoholic beverages, including premium spirits and wines. The company sources products from several global suppliers and distributes them to hotels, restaurants, and retail outlets across India.

With the IPO now live, investor attention will remain focused on subscription patterns in the coming days, particularly within the retail and institutional segments, as the issue moves closer to closure.

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