Monika Alcobev
Book Building issueSMEBSE₹166 Cr issue
+0.70%
Listing gain over issue price
Issue size
₹166 Cr
1 lot at cut-off
₹1,14,400
Lot size
400shares
Open
16 Jul 2025
Close
18 Jul 2025
Allotment
21 Jul 2025
Listing
23 Jul 2025
Listing performance
Issue price
₹286
Listed at
₹288
Listing-day close
₹288
Latest price
₹129
Close on 23 Oct 2026
Listing gain
+0.70%
Return since issue
-54.90%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 16 Jul 2025 – 18 Jul 2025
- Listing date
- 23 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹286 per share
- Lot size
- 400 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹166 Cr
- Market cap at offer price
- ₹613 Cr
- Promoter holding
- 79.96% → 62.08% pre-issue → post-issue
- ISIN
- INE0LCG01010
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- 2403, 24th Floor, Signature, Suresh Sawant Road, Off Veera Desai Road, Andheri (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,10,400 | — | — |
| Market maker | 4,17,600 | — | — |
Application size
Minimum 400 shares per lot, in multiples, at ₹286
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 400 | ₹1,14,400 |
| S-HNI (min) | 2 | 800 | ₹2,28,800 |
| S-HNI (max) | 8 | 3,200 | ₹9,15,200 |
| B-HNI (min) | 9 | 3,600 | ₹10,29,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
16,10,400
Anchor portion
₹46.06 Cr
at ₹286 per share
Valuation and performance
Valuation at offer price
₹286 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.87 | 10.78 |
| P/E (×) | 20.62 | 26.53 |
| Price to book (×) | 4.94 | — |
| Market cap | — | ₹613 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.07%
- ROCE
- 16.21%
- Debt / equity
- 1.81
- PAT margin
- 9.79%
- EBITDA margin
- 19.56%
- NAV per share
- ₹57.84
- Price to book
- 4.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Monika Alcobev
Monika Alcobev Limited was originally formed as a partnership firm 'M/s Monika Enterprise' on February 12, 2015, and was converted into a public limited company on January 17, 2022. The company specializes in importing, distributing, and marketing a diverse portfolio of premium and luxury alcoholic beverages, offering complete supply chain solutions through its robust distribution network of 6 warehouses. Founded by Bhimji Nanji Patel and led by Managing Director Kunal Bhimji Patel, the company has established exclusive distribution arrangements with more than 70 international brands, generating revenue from operations of ₹23,614.87 lakhs in Fiscal 2025 with a PAT of ₹2,311.35 lakhs.
Company Analysis
from RHPMonika Alcobev Limited is a leading importer, distributor, and marketer of premium and luxury foreign spirits, wines, and liqueurs across India and the Indian subcontinent.
Monika Alcobev Limited was originally formed as a partnership firm 'M/s Monika Enterprise' on February 12, 2015, and was converted into a public limited company on January 17, 2022. The company specializes in importing, distributing, and marketing a diverse portfolio of premium and luxury alcoholic beverages, offering complete supply chain solutions through its robust distribution network of 6 warehouses. Founded by Bhimji Nanji Patel and led by Managing Director Kunal Bhimji Patel, the company has established exclusive distribution arrangements with more than 70 international brands, generating revenue from operations of ₹23,614.87 lakhs in Fiscal 2025 with a PAT of ₹2,311.35 lakhs.
Wine and Spirits DistributionPremium Alcoholic BeveragesLuxury Goods Distribution
Objects of the Issue
- Funding working capital requirements of the Company Up to ₹10,063.83 lakhs p.26
- Pre-payment or repayment of certain outstanding borrowings availed by our Company from Banks/Financial Institutions Up to ₹1,145.00 lakhs p.26
- General Corporate Purposes p.26
- Funding working capital requirements of our Company ₹10,063.83 lakhs p.94
- Pre-payment or repayment of certain outstanding borrowings availed by our Company from Banks/Financial Institutions ₹1,145.00 lakhs p.94
- General Corporate Purposes p.104
- Objects of the Offer are stated on page 91 of the document p.105
- Objects of the Offer have not been specified in this document excerpt p.310
Issue Structure
- Total Issue
- Up to 57,91,200 Equity Shares of face value of ₹10 each, aggregating up to ₹[●] lakhs
- Fresh Issue
- Up to 47,91,200 Equity Shares of face value ₹10 each, aggregating up to ₹[●] lakhs
- Offer for Sale
- Up to 10,00,000 Equity Shares of face value ₹10 each, aggregating up to ₹[●] lakhs (5,45,600 by Deven Mahendrakumar Shah and 4,54,400 by Rhetan Estate Private Limited)
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through importing, distributing, and marketing premium spirits, wines, and liqueurs from international suppliers under exclusive selling rights. It maintains long-standing relationships with international manufacturers, procuring products directly from them, and then distributing through its network of warehouses to customers across India and the subcontinent. The business model involves obtaining exclusive distribution rights for more than 70 brands, managing supply chains, and focusing on premium and luxury segments of the alcoholic beverage market.
Business Segments
Distribution and marketing of whisky products
Distribution and marketing of tequila products
Import, sales, distribution, and marketing of premium and luxury spirits including tequila, whiskey, gin, and other spirits
Import and distribution of tequila products including Jose Cuervo and 1800 Tequila; company holds 19.0% share in tequila imports with price range ₹3,275 - ₹35,000
Import and distribution of whiskey products including Bushmills Irish Whiskey, Tenjaku Whisky, and Lucifer's Gold; price range ₹1,994 - ₹59,500
Import and distribution of rum products; company is the top importer with commanding 12.3% market share
Import and distribution of liqueur products including Cointreau and Choya; company commands 7.5% share in liqueurs imports with price range ₹3,500 - ₹44,500
Import and distribution of vodka products including Belenkaya and Crystal Head; price range ₹1,750 - ₹16,666
Import and distribution of gin products; company maintains 1.9% share in gin and geneva imports; price range ₹1,950 - ₹7,295
Import and distribution of brandy and cognac including St-Remy and Rémy Martin; price range ₹2,000 - ₹472,500
Import and distribution of wine products including Villa Sandi, Premius, and Oulton Park; price range ₹1,475 - ₹19,500
Sales and marketing and distribution of premium wines and spirits in domestic and international markets
The Company's business activity primarily falls within a single business segment i.e. Trading and distribution of alcohol. For management purpose, the Company has determined reportable segment as 'Wines and Spirits' since the Board of Directors evaluates the Company's performance as a single segment.
SWOT Analysis
Strengths
- • Leading player in imported liquor sector with diverse premium portfolio(p.25)
- • Exclusive distribution arrangements with 70+ brands providing competitive differentiation(p.34)
- • Strong long-standing supplier relationships established over years(p.37)
- • Consistent revenue growth with strong EBITDA margins(p.29)
- • Robust distribution network with 6 strategically located warehouses across India(p.6)
- • Leading position in imported liquor sector with diverse premium portfolio(p.97)
- • Significant expansion of geographic presence and label registrations(p.100)
- • Growing market demand for imported spirits with strong CAGR(p.97)
- • Expanded customer touchpoints and market presence(p.97)
- • Consistent revenue growth over three years(p.63)
- • Bonded Warehouses ensuring Supply-Chain Efficiencies(p.151)
- • Leading player in imported liquor sector with diverse portfolio(p.145)
- • High barriers to entry in the alcoholic beverage industry(p.153)
- • Long standing relationships with customers(p.154)
- • Experienced management team with significant industry experience(p.155)
- • Exclusive selling rights for premium and luxury spirits(p.155)
- • Highest realization per case among major competitors(p.136)
- • Strong market position in specific spirit categories(p.145)
- • Established track record of rapid revenue growth(p.176)
- • Experienced management with long-standing industry presence(p.181)
- • Strong brand portfolio with multiple award-winning products(p.176)
- • Significant scale of imported wine and spirits distribution network(p.215)
Weaknesses
- • Heavy dependence on whisky and tequila products for majority of revenue(p.35)
- • Negative operating cash flows in recent years(p.36)
- • High dependence on key customers with concentration risk(p.39)
- • Lack of formal long-term contracts with suppliers creates price and supply uncertainty(p.35)
- • High working capital requirements with 344 working capital days in Fiscal 2025(p.44)
- • Past delays in statutory dues payments with associated penalties(p.43)
- • No prior experience of Directors as directors in listed companies in India(p.45)
- • Heavy reliance on related party loans creating financial dependence(p.49)
- • Significant debt burden with rising finance costs(p.51)
- • Very high inventory days indicating heavy working capital requirements(p.100)
- • High receivable days reflecting extended credit cycles(p.101)
- • Promoter control creates governance risk and potential shareholder conflicts(p.49)
- • Concentration of revenue among top customers(p.159)
- • Limited product availability across all Indian states(p.157)
- • Dependence on international suppliers and brands(p.158)
- • Limited geographic presence relative to market(p.160)
- • Modest volume compared to larger competitors(p.136)
- • High dependence on bank financing with significant debt burden(p.212)
- • Heavy working capital requirements and inventory concentration(p.212)
- • Concentrated promoter shareholding creating governance risks(p.198)
- • Recent establishment as public company with limited listing experience(p.175)
Opportunities
- • Strong market growth trajectory in premium/luxury segment expanding from ₹12,291 Cr (2019) to projected ₹50,000 Cr (2029)(p.25)
- • Rising market share of premium/luxury segment from 5.6% (2019) to projected 10.0% (2029)(p.25)
- • Premiumization trend driving shifting consumer preferences toward premium alcoholic beverages(p.25)
- • Expansion opportunities through addition of new brands and market penetration in existing markets(p.36)
- • Growth in Travel Retail Duty Free segment providing additional revenue channel(p.25)
- • Shift in consumer preferences towards premium spirits with growth potential(p.97)
- • Public listing to enhance brand visibility and market access(p.94)
- • Expansion of distribution network and market penetration(p.97)
- • Working capital support to fund growth and expand operations(p.94)
- • Growing premium and luxury alco-beverage market in India(p.133)
- • Expanding legal drinking age population(p.147)
- • Growing demand for Bottled-in-Origin (BIO) imports(p.147)
- • Growth through entry into new product categories(p.157)
- • Expansion through increasing distribution width and depth(p.157)
- • India's Free Trade Agreements reducing import duties(p.148)
- • Expansion into new geographies and market segments(p.175)
- • Potential for capacity expansion and production capabilities(p.177)
- • Diversification into allied premium beverage categories(p.175)
- • IPO capital mobilization for growth acceleration(p.192)
Threats
- • Complex and evolving regulatory landscape with risk of prohibition in additional states(p.33)
- • Restrictions on advertising alcoholic beverages limiting marketing effectiveness(p.40)
- • State governments control pricing with limited ability to increase selling prices(p.40)
- • Foreign exchange volatility affecting procurement costs for imported products(p.39)
- • Changing consumer preferences toward healthier lifestyles and non-alcoholic beverages(p.38)
- • Potential supply disruptions from geopolitical, regulatory, or transportation challenges(p.35)
- • High credit collection period of 157 days creating cash flow risk(p.39)
- • Potential changes to exclusive distribution agreements by international suppliers(p.34)
- • Regulatory uncertainty in alcohol industry with state-level fragmentation(p.97)
- • Changing social perception and health consciousness reducing alcohol demand(p.49)
- • Shift to non-alcoholic and low-alcohol beverages as emerging trend(p.49)
- • GST implementation uncertainty with potential compliance burden(p.53)
- • Rising interest rates increasing borrowing costs(p.51)
- • Dependence on import policies and tariff changes affecting costs(p.99)
- • Economic slowdown impact on discretionary luxury spending(p.51)
- • High customs duties on imported alcoholic beverages(p.143)
- • Fragmented regulatory framework across Indian states(p.153)
- • Alcohol prohibition in certain states(p.153)
- • Stringent advertising and marketing restrictions(p.140)
- • Competition from established global and domestic players(p.140)
- • Vulnerability to crude oil price fluctuations and currency depreciation(p.123)
- • Regulatory compliance complexity in alcohol beverage distribution(p.171)
- • Cyclical nature of spirits and wine industry(p.215)
- • Exposure to foreign exchange volatility in import-dependent business(p.211)
- • Dependence on premium consumer discretionary spending amid economic uncertainty(p.215)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bhimji Nanji Patel | Promoter | 54.73% | — |
| Kunal Bhimji Patel | Promoter | 25.21% | — |
| Bhimji Nanji Patel | Promoter | 54.73% | — |
| Kunal Bhimji Patel | Promoter | 25.21% | — |
| Kanta Bhachu Chandat | Promoter Group | 0.01% | — |
| Dhara Kunal Patel | Promoter Group | 0.01% | — |
| Bhimji Nanji Patel | Promoter | — | — |
| Kunal Bhimji Patel | Promoter/Managing Director | — | — |
| Bhimji Nanji Patel | Promoter | 54.73% | — |
| Kunal Bhimji Patel | Promoter | 25.21% | — |
| Bhimji Nanji Patel | Promoter | — | — |
| Kunal Bhimji Patel | Promoter | — | — |
| Deven Mahendrakumar Shah | Selling Shareholder | — | — |
| Rhetan Estate Private Limited | Selling Shareholder | — | — |
| Deven Mahendrakumar Shah | Selling Shareholder | — | — |
| Rhetan Estate Private Limited | Selling Shareholder | — | — |
Leadership
Bhimji Nanji Patel · Chairman and Whole Time Director/Promoter
Kunal Bhimji Patel · Managing Director and CEO/Promoter
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Monika Alcobev IPO FAQs
What is the lot size of Monika Alcobev IPO?
The minimum lot size of Monika Alcobev IPO is 400 shares. One lot costs ₹1,14,400 at the cut-off price.
When does Monika Alcobev IPO open and close?
Monika Alcobev IPO opened for subscription on 16 Jul 2025 and closed on 18 Jul 2025.
What is the listing date of Monika Alcobev IPO?
Monika Alcobev IPO listed on 23 Jul 2025.