The shares of Monika Alcobev made a muted market debut on July 23, listing at Rs 288 apiece on the BSE SME platform. This marks a premium of less than a percent over its IPO price of Rs 286 apiece.
The listing is more or less at par with grey market estimates. The unlisted shares of the company were trading with zero grey market premium (GMP) over its IPO price, ahead of listing.
The luxury alcoholic beverages importer and distributor had seen strong investor interest during its three days of public bidding, being subscribed 3.78 times between July 16 and July 18. The company had launched its IPO to raise nearly Rs 166 crore from the capital markets at a price band of Rs 271-286 per share.
The company that offers spirits, wines, and liqueurs of renowned names like Jose Cuervo, Bushmills, Rémy Martin, Cointreau, Choya, and Belenkaya raised 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.
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Monika Alcobev 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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