Monika Alcobev IPO, July 16 -- The initial public offering (IPO) of Monika Alcobev, which kicked off for subscription today, sailed through on the first day of the bidding process amid strong demand for non-institutional investors (NII).

The Rs.165.63 crore IPO is a combination of fresh share sale of Rs.137.03 crore and an offer for sale of Rs.28.60 crore. The issue will run for three days, with the subscription period set to end on July 18.

Monika Alcobev IPO price band has been set at Rs.271 to Rs.286 per share. Investors can apply for a lot of 400 shares and multiples thereof. The minimum amount of investment required by a retail investor is two lots, amounting to Rs.2,16,800.

The company plans to use the fresh proceeds from the IPO...