Sahaj Fashions IPO : How to check the Allotment Status
The ₹13.96 crore IPO of Sahaj Fashions Ltd comprises of a fresh issue of shares combined with an offer for sale (OFS) component. The Fresh Issue portion of Sahaj Fashions Ltd entails the issue of 44.76 lakh shares which at the fixed IPO price of ₹30 per share aggregates to ₹13.43 crore. The offer for sale (OFS) portion of Sahaj Fashions Ltd entails the issue of 1.76 lakh shares which at the fixed IPO price of ₹30 per share aggregates to ₹0.53 crore. Therefore, the overall size of the IPO of Sahaj Fashions Ltd entails the issue of 46.52 lakh shares which at the fixed IPO price of ₹30 per share aggregates to ₹13.96 crore.
The stock has a face value of ₹10 and being a fixed price IPO, the price has been set at ₹30 per share. Retail bidders can bid in minimum lot size of 4,000 share each. Thus, the minimum investment of ₹120,000 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO.
|Anchor Investor Shares Offered||Nil|
|Market Maker Shares Offered||2,36,000 shares (5.07%)|
|Non-Retail Shares Offered||22,08,000 shares (47.46%)|
|Retail Shares Offered||22,08,000 shares (47.46%)|
|Total Shares Offered||46,52,000 shares (100%)|
The response to the IPO of Sahaj Fashions Ltd was very moderate and it was subscribed just about 7.75X overall at the close of bidding on 29th August 2023 with the retail segment seeing the best 11.71 times subscription and the non-retail portion seeing 3.77 times subscription. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 08th August 2023.
|Investor Category||Subscription (times)||Shares bid for||Total Amount (₹ crore)|
|Total Applications received||: 6,466 (11.71 times)|
The basis of allotment will be finalized on Friday, 01st September 2023, the refunds will be initiated on 04th September 2023, demat credits will be finalized on 05th September 2023, while the stock of Sahaj Fashions Ltd will get listed on the NSE on 06th September 2023. The company had a pre-IPO promoter holding of 97.95% and post the IPO, the promoter stake in Sahaj Fashions Ltd will stand reduced post the IPO to 64.66%.
How to check the allotment status. Since this is an NSE SME IPO, there is no facility to check on the exchange website and BSE only offers allotment status mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can either check your allotment status on the website of the broker (if they are offering a direct link to the data), or the on the website of the IPO registrar, Bigshare Services Private Limited. Here are the steps that you need to follow to check allotment status.
Checking the allotment status of Sahaj Fashions Ltd on the website of Bigshare Services Private Limited (Registrar to IPO)
Visit the Bigshare Services registrar website for IPO status by clicking on the link below:
Here you are given the choice to select 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select; the output would still be the same across.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Sahaj Fashions Ltd from the dropdown box. The allotment status will be finalized on Friday, 01st September 2023, so in this case, you can access the details on the registrar website either late on 01st September 2023 or by middle of 02nd September 2023. Once the company is selected from the dropdown box, you have 3 different ways to check the allotment status for the IPO.
• Firstly, you can access with your allotment status based on the Application Number / CAF Number. This is available in the CAF acknowledgement given to you by the broker. Enter the Application / CAF number and then click on Search Button. Enter the application exactly it is given in the acknowledgement slip given to you post the IPO application process. After that you can click on the Search button to get the details of shares allotted to you in the IPO.
• Secondly, you can search by Beneficiary ID of your demat account. From the dropdown box, you must first select the depository name where your demat account is held i.e., NSDL or CDSL. In the case of NSDL, enter the DP id and Client id in separate boxes as provided. In case of CDSL, just enter the CDSL client number. Remember that the NSDL string is alphanumeric while the CDSL string is a numeric string. The details of your DP and client ID are available in your online DP statement or in the statement of account. After that you can click the Search Button in both cases. In case you have multiple demat accounts, you can only use the demat account used to apply for the IPO as a source of authentication for checking allotment status.
• Thirdly, you can also search by Income Tax PAN number. Once you select PAN (permanent account number) from the dropdown menu, enter your 10-digit PAN number, which is an alphanumeric code. The PAN number will be available on your PAN card or on top of your income tax returns filed. Once you enter the PAN, click on the Search Button.
The IPO status with number of shares of Sahaj Fashions Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference. Once again, you can verify the demat credit by the close of 05th September 2023.
A brief on Sahaj Fashions Ltd and the SME IPO
Sahaj Fashions Ltd was incorporated in the year 2011 to manufacture fabric for garment making, home furnishings, and a plethora of industrial applications. Apart from manufacturing cotton suiting and shirting fabric, Sahaj Fashions Ltd also makes polyester-based and cotton-polyester blended fabrics. Its product that is in high demand from the garments manufacturers is the cotton yarn-dyed fabrics. Its product catalogue comprises of Piece dyed shirting, cotton yarn dyed shirting, Chambray, Self-designed shirting, Lycra and linen fabrics, cotton duck fabric, drill, and twill fabric. It has its manufacturing unit located on the Kishangarh Bhilwara Express Highway, near Ajmer in Rajasthan.
The company has built a complete infrastructure ecosystem for top class performance and delivery to customers. It has high speed air jet looms, compressors for supply of best quality air, humidification plant to suit cotton fabrics manufacturing at high speed and a lot more. For the weaving preparatory jobs, the company has installed sectoral warping machines, apart from two direct warping machines for cone unwinding and warping. Sizing of all types of yarn is done through PLC based sizing machines while there is also a complete DG set power back-up system to ensure uninterrupted power supply to the unit.
The company has been promoted by Rohit Toshniwal, Sadhana Toshniwal, and others. The promoter holding in the company currently stands at 97.95%. However, post the fresh issue of shares and the OFS, the promoter equity holding share will be diluted to 64.66%. The fresh issue funds will be used by the company for meeting its working capital funding gaps and for prepayment of certain secured borrowings. Part of the funds raised will also go towards general corporate expenses. Khambatta Securities Ltd will be the lead manager to the issue, while Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is NNM Securities Ltd.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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