The initial public offering of Monika Alcobev, the luxury alcoholic beverages importer and distributor, continued to receive good response from investors, subscribing 3.78 times on the final day of bidding, July 18 despite weakness in equity markets.
Investors have bid 1.57 crore equity shares compared to the offer size of 41.8 lakh shares via 8,423 applications. Non-institutional investors were at the forefront to boost subscription numbers, subscribing 6.18 times their allotted quota.
Retail investors and qualified institutional buyers also supported the issue, bidding 2.92 times and 2.54 times the portions set aside for them.
The company will finalise the IPO share allotment by July 21. The trading in its equity shares will commence on the BSE SME effective July 23.
Monika Alcobev IPO shares are seeing moderate premium of 1-3 percent in the grey market, the unofficial market for trading in IPO shares till the listing, the market observers said.
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The company that offers spirits, wines, and liqueurs of renowned names like Jose Cuervo, Bushmills, Rémy Martin, Cointreau, Choya, and Belenkaya is raising Rs 165.63 crore via maiden public issue of 57.91 lakh shares. The price band for the offer was Rs 271-286 per share.
The IPO consisted of fresh issue of 47.91 lakh shares, and an offer-for-sale of 10 lakh shares by Deven Mahendrakumar Shah, and Rhetan Estate.
Monika Alcobev that looking for a valuation of over Rs 600 crore is set to spend Rs 100.6 crore for working capital requirements, and utilise Rs 11.45 crore for repayment of debt. The remaining amount will be used for general corporate purposes.
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