Purv Flexipack IPO Allotment Status

Purv Flexipack IPO Allotment Status
Purv Flexipack IPO Allotment Status

by Tanushree Jaiswal Last Updated: Feb 29, 2024 - 11:25 pm 585 Views
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About the Purv Flexipack Ltd IPO

The stock of Purv Flexipack Ltd has a face value of ₹10 per share and it is a book built issue. The price for the book building issue is set in the price band of ₹70 to ₹71 per share. Being a book built issue, the final price of the IPO will be discovered in this price band. The Purv Flexipack IPO has only a fresh issue component and no offer for sale (OFS) portion. It must be remembered that the fresh issue portion is EPS dilutive and equity dilutive, but OFS is just a transfer of ownership and  hence it is not EPS or equity dilutive.

As part of the fresh issue portion of the IPO, Purv Flexipack Ltd will issue a total of 56,64,000 shares (56.64 lakh shares), which at the upper end of the price band at ₹71 per share aggregates to fresh fund raising of ₹40.21 crore. Since there is no offer for sale (OFS) portion, the fresh issue size will also double up as the overall IPO size. 

Therefore, the overall IPO size will also comprise of the issue of 56,64,000 shares (56.64 lakh shares) which at the upper end of the price band of ₹71 per share will aggregate to overall IPO size of ₹40.21 crore. Like every SME IPO, this issue also has a market making portion with a market maker inventory allocation of 3,48,800 shares. Holani Consultants Private Ltd will be the market maker to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs, post listing.

The promoter share will dilute post the IPO from 92.17% to 67.29%. The fresh issue funds will be used by the company for repayment of existing borrowings availed by the company from scheduled commercial banks (SCBs) and for working capital needs. Part of the funds raised will also go towards general corporate expenses. Holani Consultants Private Ltd will be the lead manager to the issue, and Link Intime India Private Ltd will be the registrar to the issue. The market maker for the issue is Holani Consultants Private Ltd.

When and How to check the basis of allotment status?

Let us now turn to the million dollar question; How to check the allotment status? Since this is an NSE SME IPO, there is no facility to check on the exchange website since NSE does not offer that facility. On the other hand, the BSE only offers allotment status for mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status only on the website of the IPO registrar, Link Intime India Private Limited. Here are the steps that you need to follow to check allotment status.

Checking allotment status on Link Intime India Private Limited (Registrar to the IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/IPO/public-issues.html

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there also a way to access this page via the home page of Link Intime India Private Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Purv Flexipack Ltd from the drop-down box. In the case of Purv Flexipack Ltd, data access will be allowed late on 01st March 2024 or by middle of 02nd March 2024. 

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.

• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.

• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.

• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.

 • The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.

Finally, click on the Search button. You can get the exact allotment status on the number of shares allotted to you. The IPO status with number of shares of Purv Flexipack Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records and later ever for reconciliation with the demat account status when shares are credited to your demat account on 04th March 2024. But what exactly determines the success or otherwise of you getting allotment? It is the allocation quota and the subscription levels

Allocation quota and subscription levels for Purv Flexipack Ltd

The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. For investors it is the quota for the retail and the HNI that really matters.

Investor Category Shares Reservation Quota
Market Maker Shares 3,48,800 shares (6.16%)
Anchor Allocation Portion 15,16,800 shares (26.78%)
QIB Shares Offered 10,52,800 shares (18.58%)
NII (HNI) Shares Offered 8,44,800 shares (14.92%)
Retail Shares Offered 19,00,800 shares (33.56%)
Total Shares Offered 56,64,000 shares (100.00%)

The next thing to look at is the extent of subscription. The table below captures the extent of oversubscription for each of the categories as well as the overall subscription as of the close of trading on 29th February 2024. 

Investor
Category
Subscription
(times)
Shares
Offered
Shares
bid for
Total Amount
(₹ in crore)
Anchor Investors 1 15,16,800 15,16,800 10.77
Market Maker 1 3,48,800 3,48,800 2.48
QIB Investors 157.32 10,52,800 16,56,22,400 1,175.92
HNIs / NIIs 690.72 8,44,800 58,35,21,600 4,143.00
Retail Investors 448.73 19,00,800 85,29,45,600 6,055.91
Total 421.78 37,98,400 1,60,20,89,600 11,374.84
Total Applications : 5,33,091 applications (448.73 times)

The response to the IPO of Purv Flexipack Ltd was very robust and it was subscribed 421.78X overall at the close of bidding on 29th February 2024. The HNI / NII portion was subscribed 690.72 times while the retail portion was subscribed 448.73 times. This is very high subscription and gives a very low chance of allotment in the IPO. Even the QIB portion got 157.32 times subscribed. The same can be checked using the allotment checking modus operandi explained above.

Next steps after the closure of the IPO of Purv Flexipack Ltd

The issue opened for subscription on 27th February 2024 and closed for subscription on 29th February 2024 (both days inclusive). The basis of allotment will be finalized on 01st March 2024 and the refunds will be initiated on 04th March 2024. In addition, the demat credits are also expected to happen on 04th March 2024 and the stock is scheduled to list on 05th March 2024 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated. The demat credits to the demat account to the extent of allotment will happen by the close of 04th March 2024 under ISIN Number (INE0R6C01012).

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been very high in the IPO; both in the Retail segment and also in the HNI / NII segment. Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of allotment is finalized.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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