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Monika Alcobev IPO
Monika Alcobev Ltd
₹1,08,400 /400 sharesMinimum Investment
Monika Alcobev IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹286.00 | ₹288.00 | ₹2.00 (0.70%) |
Monika Alcobev IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 16 Jul ‘25 - 18 Jul ‘25 | ₹2,16,800 | 400 | ₹271 - ₹286 |
| Issue Size | IPO Doc |
|---|---|
| 165.63Cr | RHP PDF |
Subscription rate
As of 18 Jul'25, 04:00 PM
| Qualified Institutional Buyers | 2.22x |
| Non-Institutional Investor | 5.71x |
| Retail Individual Investor | 2.67x |
| Total | 2.49x |
About Monika Alcobev
Founded in
2015
Managing director
Mr. Kunal Bhimji Patel
Parent organisation
Monika Alcobev Ltd
Strengths & Financials of Monika Alcobev
Strengths
Risks
The company claims to have the exclusive distribution rights for over 70 well-known international alcohol brands across India and the Indian subcontinent. The company is responsible for managing its brand development and market expansion in these regions.
Monika Alcobev claims to be a prominent participant in India’s imported spirits market, with a presence across multiple categories. The company states that it leads the imported rum segment with a 12.3 percent market share and holds a 19.0 percent share in tequila imports.
The company operates both within India and in neighbouring countries, such as Nepal, Sri Lanka, and the Maldives. In India, the company claims to have a wide distribution network spanning over 20 states and Union Territories.
Monika Alcobev claims to manage bonded warehouses in four Indian states. Bonded warehouses are facilities created by the customs department, where imported goods can be stored till the customs duty is paid. Importers can take delivery of the imported goods from these bonded warehouses in part and pay duty for the goods bought. This way, customs duty can be paid in parts instead of in one go, which would be a huge amount.
The company claims to adhere to all regulatory requirements set by the Food Safety and Standards Authority of India (FSSAI), customs, and excise departments.
Monika Alcobev claims to rank in India’s top 10 importers, alongside major players like Pernod Ricard and United Spirits.
The company claims to have a structured brand-building approach in place, which focuses on 360-degree marketing activations to engage consumers across multiple platforms. In FY24, the company carried out over 372 such activations.
The company has consistently served a substantial customer base. It catered to 71, 77, and 69 customers in FY25, FY24, and FY23, respectively. The company further claims to maintain over 4,500 touchpoints, including retail stores (both private and government-run), hotels, restaurants, and clubs.
Monika Alcobev claimed that it recorded the highest realisation per case at Rs 17,017, indicating the strength of its premium-focused portfolio and positioning within the luxury beverage segment.
Over the years, the company has observed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 139.78 crore in FY23 to Rs 189.20 crore in FY24 and Rs 236.15 crore in FY25. PAT increased from Rs 13.02 crore in FY23 to Rs 16.60 crore in FY24 and Rs 23.11 crore in FY25.
The company has exclusive selling arrangements with several international brands through letters of authority. While these agreements provide a competitive edge, they are subject to risks such as renegotiation, modification, or termination. The company cannot guarantee that these exclusivity rights will remain unchanged.
The company derives a significant portion of its revenue from the sale of whisky and tequila. Whisky accounted for Rs 86.64 crore (36.69 percent) of the company’s total revenue in FY25, Rs 61.75 crore (34.23 percent) in FY24, and Rs 41.76 crore (30.40 percent) in FY23. Tequila accounted for Rs 83.29 crore (35.28 percent) of the company’s total revenue in FY25, Rs 56.90 crore (31.54 percent) in FY24, and Rs 39.74 crore (28.93 percent) in FY23. Any sudden decline in the sales of these products could adversely affect the company’s operations and finances.
The top five customers accounted for Rs 70.66 crore (29.93 percent) of the company’s total revenue in FY25, Rs 85.08 crore (44.97 percent) in FY24, and Rs 89.70 crore (64.17 percent) in FY23. Furthermore, the top three customers accounted for Rs 29.88 crore (12.66 percent) of the company’s total revenue in FY25, Rs 66.29 crore (35.04 percent) in FY24, and Rs 68.33 crore (48.89 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can hit the company’s business and financial standing.
The company recorded negative cash flows from operating activities amounting to Rs 25.92 crore in FY25, Rs 53.64 crore in FY24, and Rs 6.15 crore in FY23. Additionally, negative cash flows from investing activities amounted to Rs 26.03 crore in FY25 and Rs 13.49 crore in FY24. The company also reported negative cash flows from financing activities, amounting to Rs 2.55 crore in FY23. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
Monika Alcobev relies heavily on long-standing relationships with its suppliers for the spirits and wines it imports and distributes. The company’s procurement costs from these suppliers amounted to Rs 209.64 crore in FY25, Rs 163.60 crore in FY24, and Rs 98.05 crore in FY23. Any increase in costs, supply shortages, or inability to maintain or build supplier relationships could negatively affect its operations and financial results.
The company has total trade receivables amounting to Rs 101.88 crore in FY25, up from Rs 95.89 crore in FY24 and Rs 72.08 crore in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As an importer of foreign alcoholic beverages, the company is exposed to currency exchange rate fluctuations. Since many procurement transactions are in foreign currencies, any adverse changes in the exchange rates can increase import costs and reduce the company’s profit margins.
The advertising of alcoholic products is heavily restricted in India under the Cable Television Networks (Regulation) Amendment Act, 2002, and related rules from 2009. These restrictions limit traditional advertising methods and can increase promotional costs. The inability to launch national campaigns can disrupt brand development, adversely affecting the company’s overall market reach.
The company, its directors, and some key managerial personnel are involved in certain legal proceedings, including tax-related cases. Any adverse judgment in any of these cases can be detrimental to the company’s business prospects.
As of FY25, the company had financial indebtedness amounting to Rs 174.10 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Monika Alcobev Financials
*All values are in Rs. Cr
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Application Details of Monika Alcobev IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹271 - 286 | ₹2 - 5 Lakh |
| High Networth Individual | ₹271 - 286 | ₹2 - 5 Lakh |
For Monika Alcobev IPO, eligible investors can apply as Regular.