NIIs drive demand for Monika Alcobev IPO; grey market premium at 3.5%

Monika Alcobev IPO day 2 update: check latest subscription status, grey market premium (GMP), allotment date, listing date, and other key details here

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Monika Alcobev IPO subscription status: Non-institutional investors (NIIs) were driving the demand for the initial public offering (IPO) of Monika Alcobev, on the second day of its subscription period. The public issue has received bids for 56,78,800 shares against 41,80,800 on offer, resulting in an oversubscription of 1.36 times till 12:25 PM on July 17, showed the NSE data.

 

Among the individual categories, NIIs bid the highest, oversubscribing the category reserved for them by 2.81 times. This was followed by the qualified institutional buyers (QIBs), who bid 1.09 times.

 

However, the response from the retail investors remains sluggish, as they are yet to fully subscribe to their category. They have booked 57 per cent of their reserved quota.

Monika Alcobev IPO details

The public offering comprises a fresh issue of 4.8 million equity shares worth ₹137.03 crore and an offer for sale (OFS) through which shareholders are divesting up to 1 million shares worth approximately ₹28.60 crore.

 

Monika Alcobev IPO is being offered at a price band of ₹271-286 per share and a lot size of 400 shares.

 

Investors can bid for a minimum of 2 lots or 800 shares of Monika Alcobev IPO with an investment amount of ₹2,28,800.

 

Monika Alcobev will not receive any proceeds from the OFS, which will be given to shareholders divesting their stakes through the public issue. The company proposes to utilise the proceeds from the fresh issue for repayment and prepayment of certain outstanding borrowings, as well as to fund the working capital requirements. The company will further use the proceeds for general corporate purposes.

 

For the public issue, the company has appointed MUFG Intime India (earlier Link Intime) as registrar, while Marwadi Chandarana Intermediaries serves as the book-running lead manager.

Monika Alcobev IPO grey market premium (GMP) today

The unlisted shares of Monika Alcobev were commanding a decent premium in the grey market on Thursday. Sources tracking unofficial market activity revealed that the unlisted shares of Monika Alcobev were trading at around ₹296 apiece, indicating a grey market premium (GMP) of ₹10 or 3.50 per cent over the upper end of the issue price of ₹286.

Monika Alcobev IPO allotment date, listing date

The public issue will remain available for subscription till Friday, July 18. Following that, the basis for allotment of company shares is set to be finalised on Monday, July 21. The company's shares will be credited into demat accounts tentatively on July 22.

 

Shares of Monika Alcobev are slated to list on the BSE SME tentatively on July 23.

About Monika Alcobev

Incorporated in 2015, Monika Alcobev imports and distributes luxury alcoholic beverages in India and the Indian Subcontinent. The company offers over 70 premium brands, including Jose Cuervo and Bushmills. Monika Alcobev operates in several countries, including India, Nepal, and Sri Lanka, serving various sectors. The company has bonded warehouses, ensuring efficient supply chain management. The company boasts an experienced management team with significant industry expertise.