Monika Alcobev Limited is a leading player in the imported liquor sector in India, with a strong focus on premium and luxury alcoholic beverages. The company specializes in importing, sales, distribution, and marketing of spirits, wines, and liqueurs across India and the Indian Subcontinent, including Travel Retail Duty Free Shops.

Their robust distribution network ensures a complete supply chain solution, making them one of the top names in India's luxury alcohol import segment.

About the Company

Monika Alcobev has built a diverse portfolio comprising premium and luxury spirits, wines, and liqueurs sourced from global brands. Their distribution and marketing strength has helped them secure a leading market position in the imported alcohol category.

The company's travel retail segment (duty-free shops) further enhances its brand visibility and revenue diversity.

Key Business Highlights:

• Extensive portfolio of premium imported liquor

• Pan-India distribution with a strong travel retail presence

• Complete supply chain integration ensuring quality and efficiency

Promoters and Leadership

Monika Alcobev is guided by experienced leadership:

• Bhimji Nanji Patel & Kunal Bhimji Patel (Promoters) with 30+ years of industry experience

• Their vision has shaped Monika Alcobev into a trusted supplier of luxury spirits in India, establishing strong relationships with international suppliers and domestic distributors.

IPO Details

Monika Alcobev is launching a Book Built Issue to raise ₹165.63 Crores.

• Issue Size: ₹165.63 Crores

  • Fresh Issue: ₹137.02 Crores (47.91 lakh shares)

  • Offer for Sale: ₹28.6 Crores (10 lakh shares)

• Price Band: ₹271 – ₹286 per share

• Lot Size: 400 shares

  • Retail Minimum Investment: 2 lots = 800 shares = ₹2,28,800

• Market Cap at ₹286: ₹613.46 Crores

• IPO Opens: July 16, 2025

• IPO Closes: July 18, 2025

• Allotment Date: July 21, 2025

• Tentative Listing Date: July 23, 2025

• Exchange: BSE SME

Lead Managers and Registrars

• Book Running Lead Manager: Marwadi Chandarana Intermediaries Brokers Pvt Ltd

• Registrar: MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd)

• Market Maker: Bhansali Value Creations Pvt Ltd

Anchor Investor Participation

Monika Alcobev raised ₹46.05 Crores from Anchor Investors at ₹286 per share.

• Shares Allocated to Anchors: 16,10,400 equity shares

• The anchor book was finalized in consultation with the Book Running Lead Manager.

This strong anchor support indicates institutional confidence in Monika Alcobev's business model and growth prospects.

Grey Market Premium (GMP) and Expected Listing Price

As of July 14, 2025, the IPO GMP is reported at ₹24:

• IPO Price: ₹286

• Expected Listing Price: ₹310

• Expected Listing Gain: ~8.39%

Though GMP is unofficial and unregulated, it provides a sentiment indicator and suggests positive interest in the offering.

Live Subscription Status

The IPO opens for subscription on July 16, 2025.
Investors can track live subscription data on the BSE SME platform to gauge demand across retail, HNI, and institutional categories.

Use of IPO Proceeds

Monika Alcobev plans to utilize the Net Proceeds from the Fresh Issue as follows:

1. ₹10,063.83 Lakhs for funding working capital requirements

2. ₹1,145.00 Lakhs for pre-payment/repayment of borrowings

3. General Corporate Purposes

These uses are designed to support operational expansion, reduce debt, and strengthen the balance sheet, ultimately boosting financial flexibility.

Company Financial Performance

Revenue from Operations:

• FY23: ₹140.36 Cr

• FY24: ₹191.27 Cr

• FY25: ₹238.36 Cr

EBITDA:

• FY23: ₹25.25 Cr

• FY24: ₹34.22 Cr

• FY25: ₹49.72 Cr

Profit After Tax:

• FY23: ₹13.02 Cr

• FY24: ₹16.59 Cr

• FY25: ₹23.11 Cr

Analysis:

• Revenue and profit have shown steady year-on-year growth, reflecting operational efficiency, brand strength, and market demand for premium imported liquor.

Key Valuation Metrics

• Pre-Issue EPS (FY24): ₹13.94

• Post-Issue EPS (FY24): ₹10.78

• Pre-Issue P/E Ratio: 20.51x

• Post-Issue P/E Ratio: 26.54x

These valuations are in line with industry peers in the luxury and imported alcohol sector.

Return Ratios

• ROCE (FY24): 16.21%

• ROE (FY24): 29.91%

• RoNW: 24.07%

These metrics indicate healthy operational efficiency and return on shareholder funds, supporting the IPO pricing rationale.

Strengths of Monika Alcobev

✅ Leadership in premium imported liquor market
✅ Strong distribution and supply chain network
✅ Consistent revenue and profit growth
✅ Experienced promoter team with industry expertise
✅ Diversified product portfolio catering to rising premiumization demand in India
✅ Robust anchor investor participation

Risks and Considerations

⚠️ Sector regulated by alcohol licensing policies
⚠️ Dependence on discretionary spending and consumer sentiment
⚠️ Competition from domestic and imported brands
⚠️ Moderate GMP suggests limited listing gain window

Verdict: Should You Apply?

Monika Alcobev’s IPO offers investors a chance to participate in India's growing premium imported liquor market. With:

✅ Strong anchor investor support
✅ Positive GMP trend (₹24 premium ~8% expected gain)
✅ Steady growth in revenue and profit
✅ Fair valuation metrics

the IPO is attractively positioned for listing gains, especially for risk-tolerant investors seeking exposure to India's premium consumer sector.

✅ Recommendation:

Apply – for investors seeking listing gains and exposure to a premium consumer sector play in India’s growing imported liquor market.

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

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