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Sapphire Foods IPO - Information Note

Sapphire Foods IPO - Information Note
by 5paisa Research Team 08/11/2021

Sapphire Foods India Ltd, the largest franchisee of YUM Brands in the Indian sub-continent, will come out with an IPO of Rs.2,073.25 crore. The issue will open for subscription on 09-November and close on 11-November. The entire issue will be an offer-for-sale (OFS) so there will be no fresh funds coming into the company nor any equity dilution. Sapphire Foods is expected to have an indicative market cap of Rs.7,498 crore.

As of June 2021, Sapphire Foods owns and operates 209 KFC restaurants in India and Maldives, 239 Pizza Hut outlets across India, Maldives and Sri Lanka as well as 2 Taco Bell outlets in Sri Lanka. All 3 are globally leading QSR brands with combined annual revenues of $50 billion between them.

In the last 2 years, Sapphire has grown its number of QSR outlets from 376 to 450 and has over 7,000 employees on its rolls.
 

Key terms of the IPO issue of Sapphire Foods India Ltd
 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

09-Nov-2021

Face value of share

Rs.10 per share

Issue Closes on

11-Nov-2021

IPO Price Band

Rs.1,120 - Rs.1,180

Basis of Allotment date

16-Nov-2021

Market Lot

12 shares

Refund Initiation date

17-Nov-2021

Retail Investment limit

14 Lots (168 shares)

Credit to Demat

18-Nov-2021

Retail limit - Value

Rs.198,240

IPO Listing date

22-Nov-2021

Fresh Issue Size

Nil

Pre issue promoter stake

60.08%

Offer for Sale Size

Rs.2,073.25 crore

Post issue promoters

49.97%

Total IPO Size

Rs.2,073.25 crore

Indicative valuation

Rs.7,498 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

75%

Retail Quota

10%

 

Data Source: IPO Filings
 

Here are some of the key merits of the Sapphire Foods India Ltd business model


I) Sapphire is the largest YUM Brands franchisee in Indian sub-continent and has a strong spread across India, Sri Lanka and Maldives.

II) QSR has been a fast growing business and with home delivery picking up in a big way during the pandemic, the future outlook is very bright.

III) Sapphire has non-exclusive rights to operate KFC, Pizza Hut and Taco Bell brands, with reach and ability to offer a palate to the young and mobile crowds.

IV) While the company is still making losses due to front-ending of expansion and promotion costs, its EBITDA margins are healthy in the range of 16-18%.

V) Sapphire has a very comfortable debt/equity ratio of 0.16, which makes the company less vulnerable to financial and business cycles.
 

Check - Sapphire Foods India IPO - 7 Things to Know
 

How is the Sapphire Foods IPO structured?


The Sapphire Foods IPO will be a total offer for sale where the promoters and some of the early investors will be diluting their stake through the issue. Here is a gist of the IPO offer.

A) The OFS component will comprise the issue of 1,75,69,941 shares and at the peak price band of Rs.1,180, the OFS value works out to Rs.2,073.25 crore. There is no fresh issue component in this IPO.

B) Out of the total OFS of 175.70 lakh shares, promoters will sell 64.19 lakh shares. Among other early investors; WWD Ruby will offer 48.47 lakh shares, Amethyst will offer 39.62 lakh shares while Edelweiss (across 2 funds) will offer 22.62 lakh shares.

The promoter holdings will get diluted post-OFS from 60.08% to 49.97%. Post the IPO, public shareholder will go up from 39.92% to 50.03%.
 

Key Financial parameters of Sapphire Foods
 

Financial Parameters

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Sales Revenues

Rs.1,019.62 cr

Rs.1,340.41 cr

Rs.1,193.82 cr

EBITDA

Rs.178.74 cr

Rs.185.60 cr

Rs.148.68 cr

Net Profit / (Loss)

Rs.(99.90) cr

Rs.(159.25) cr

Rs.(69.40) cr

Net Worth

Rs.444.29 cr

Rs.488.86 cr

Rs.365.97 cr

EBITDA Margins

17.53%

13.85%

12.45%

Debt Equity Ratio

0.16X

0.14X

0.24X

 

Data Source: Company RHP

There are 3 inferences from the financials of Sapphire Foods. Firstly, while the company has been making net losses, the EBITDA margins have been steadily improving over the last 2 years. Secondly, the debt equity ratio is extremely low at 0.16X and that gives the company the opportunity to grow rapidly without impacting its business solvency. 

Lastly, in the QSR business the profits begin to grow when same-store sales pick up rapidly and the share of home deliveries picks up. Sapphire has been seeing a positive trend on  both these counts.
 

Investment Perspective for Sapphire Foods India Ltd


Being an OFS, the Sapphire Foods IPO will not dilute equity.

a) Since the company is currently making loses, it can be seen as a bet on the fast growing QSR business in India, as well as anticipated revenge-buying.

b) The product portfolio in all 3 QSR brands are tweaked to have an offering for every possible time of the day, thus ensuring round the clock demand.

c) Offers the perfect omnichannel experience comprising of take-away, dine-in, own delivery and aggregated delivery (via Zomato, Swiggy etc).

d)  Standardized operating processes, quality levels and customer experience across all outlets based on global set standard allows easy scalability.

If you look at the peer group, Sapphire Foods and Devyani have among the highest Restaurant EBITDA as percent of sales. Competition in the QSR space may be heating up, but there is enough space for linear growth. That is what investors must focus on.

Also Read:

Upcoming IPOs in 2021

Latent View Analytics Ltd

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How to Check the Allotment Status of SJS Enterprises IPO

How to Check the Allotment Status of SJS Enterprises IPO
by 5paisa Research Team 08/11/2021

The Rs.800 crore IPO of SJS Enterprises, consisting entirely of Rs800 crore offer for sale (OFS), was subscribed 1.59X overall at the close of bidding on 03 November. The basis of allotment will be finalized on 10 November and the stock will be listed on 15-November. If you have applied for the SJS Enterprises IPO, you can check your allotment status online.

You can either check your allotment status on the BSE website or the IPO registrar, Link Intime. Here are the steps.

Checking the allotment status of SJS Enterprises on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.

1) Under Issue Type – Select Equity Option

2) Under Issue Name – Select SJS Enterprises from the drop down box

3) Enter the Application Number exactly as in the acknowledge slip

4) Enter the PAN (10-digit alphanumeric) number

5) Once this is done, you need to click on the Captcha to verity that you are not a robot

6) Finally click on the Search Button

The allotment status will be displayed on the screen in front of you informing about the number of shares of SJS Enterprises allotted to you.

Checking the allotment status of SJS Enterprises on Link Intime (Registrar to IPO)

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

https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select SJS Enterprises from the drop down box.

A) There are 3 options. You can either access the allotment status based on PAN, Application Number or DPID-Client ID combination.

B) Select the appropriate option you want to use and enter the details (PAN / Application Number / DPID-Client ID)

C) Finally, click on the Search button.

The IPO status with number of shares of SJS Enterprises allotted will be displayed on the screen.

Also Read:-

Upcoming IPOs in November 2021

Upcoming IPOs in 2021

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How to Check the Allotment Status of Policybazaar IPO

How to Check the Allotment Status of Policybazaar IPO
by 5paisa Research Team 08/11/2021

The Rs.5,625 crore IPO of PB Fintech (Policybazaar), consisting of Rs.3,750 crore fresh issue and Rs1,875 crore OFS, was subscribed 16.59X overall at the close of bidding on 03 November. The basis of allotment will be finalized on 10 November and the stock will be listed on 15-November. If you have applied for the Policybazaar IPO, you can check your allotment status online.

You can either check your allotment status on the BSE website or the IPO registrar, Link Intime. Here are the steps.

Checking the allotment status of PB Fintech (Policybazaar) on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.

1) Under Issue Type – Select Equity Option.
2) Under Issue Name – Select PB Fintech (Policybazaar) from the drop down box.
3) Enter the Application Number exactly as in the acknowledge slip.
4) Enter the PAN (10-digit alphanumeric) number.
5) Once this is done, you need to click on the Captcha to verity that you are not a robot.
6) Finally click on the Search Button.

The allotment status will be displayed on the screen in front of you informing about the number of shares of PB Fintech (Policybazaar) allotted to you.

Checking the allotment status of PB Fintech (Policybazaar) on Link Intime (IPO Registrar)

Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select PB Fintech (Policybazaar) from the drop down box.

A) There are 3 options. You can either access the allotment status based on PAN, Application Number or DPID-Client ID combination.

B) Select the appropriate option you want to use and enter the details (PAN / Application Number / DPID-Client ID)

C) Finally, click on the Search button.
 

The IPO status with number of shares of PB Fintech (Policybazaar) allotted will be displayed on the screen.

Also Read:-

Upcoming IPOs in November 2021

Upcoming IPOs in 2021

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Latent View Analytics IPO - Information Note

Latent View Analytics IPO - Information Note
by 5paisa Research Team 08/11/2021

Latent View Analytics Ltd, which specializes in providing a host of data analytics services, will come out with an IPO of Rs.600 crore. The issue will open for subscription on 10-November and close on 12-November. It will be a combination of fresh issue and an offer for sale.

The indicative market cap of Latent View is expected to be Rs.3,896 crore at the upper end of the IPO price band.

Latent View Analytics is one of the few pure play data analytics companies in India with the added advantage of making consistent profits over the last 3 years.

Its expertise straddles the entire analytics value chain including data analytics, business analytics, consulting, advanced predictive analysis, data engineering and overall digital solutions.
 

Key terms of the IPO issue of Latent View Analytics Ltd
 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

10-Nov-2021

Face value of share

Rs.1 per share

Issue Closes on

12-Nov-2021

IPO Price Band

Rs.190 - Rs.197

Basis of Allotment date

16-Nov-2021

Market Lot

76 shares

Refund Initiation date

17-Nov-2021

Retail Investment limit

13 Lots (988 shares)

Credit to Demat

18-Nov-2021

Retail limit - Value

Rs.194,636

IPO Listing date

22-Nov-2021

Fresh Issue Size

Rs.474 crore

Pre issue promoter stake

79.30%

Offer for Sale Size

Rs.126 crore

Post issue promoters

66.42%

Total IPO Size

Rs.600 crore

Indicative valuation

Rs.3,896 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

75%

Retail Quota

10%

 

Data Source: IPO Filings
 

Here are some of the key merits of the Latent View Analytics Ltd business model


a) Latent View Analytics provides analytics services to blue chips in technology, retail, BFSI, CPG, industrials, manufacturing etc.

b) Forrester recognized the company as Strong Performer in analytics in 2017 and 2019 while Gartner recognized the company in its Market Guide in 2017.

c) Its clients are spread across the US, Europe and Asia and include some marquee names like Adobe Inc, Uber Technologies, 7-Eleven, among others.

d) The average tenure of its working relationship with most Fortune 500 companies has been to the tune of 6 years and more.

e)  Revenues from the Top-5 clients accounts for 54% of the total revenues, but that is an acceptable risk in such B2B niche and high-end services.
 

Check - Latent View Analytics IPO - 7 Things to Know
 

How is the Latent View Analytics IPO structured?


The Latent View Analytics IPO will be a combination of a fresh issue and an offer for sale having an overall IPO size of Rs.600 crore. Here is a gist of the IPO offer.

A) The fresh issue component will comprise issue of 240.61 lakh shares and at the peak price band of Rs.197, the fresh issue value works out to Rs.474 crore.

B) The OFS component will comprise the issue of 63.96 lakh shares and at the peak price band of Rs.197, the OFS value works out to Rs.126 crore.

C) This will take the total issue size to 304.57 lakh shares with an IPO value of Rs.600 crore. Post issue, promoter’s stake will reduce from 79.30% to  66.42%.

The fresh issue component of Rs.474 crore will be allocated to inorganic mergers & acquisitions (Rs.148 crore), Funding capital and working capital of US subsidiaries (Rs.212crore). These funds will be expended over the next 3 years.
 

Key Financial parameters of Latent View Analytics

 

Financial Parameters

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Sales Revenues

Rs.305.88 cr

Rs.310.36 cr

Rs.287.93 cr

EBITDA

Rs.112.88 cr

Rs.95.85 cr

Rs.78.05 cr

Net Profit / (Loss)

Rs.91.46 cr

Rs.72.85 cr

Rs.59.67 cr

EBITDA Margins

36.90%

30.88%

27.11%

ROE

20.89%

20.94%

22.36%

 

Data Source: Company RHP

The company has a consistent track record of profitability and robust margins. For example, the EBITDA margins have grown by nearly 980 basis points over the last 2 years to 36.90%. The Return on Equity, a key metrics of valuation, has been stable above 20%.

If you consider the profit of nearly Rs.92cr in FY21 and extrapolate its 20% profit growth rate, the net profit for FY22 would be closer to Rs.110 crore. At the IPO market cap of Rs.3,896 crore, it gives a price earnings (P/E) discounting of about 35.4 times. Considering the current ROE and the consistent growth in profits as well as the very niche positioning in a high growth and high-end business, such valuations surely look acceptable.
 

Investment Perspective for Latent View Analytics Ltd


a) It offers a consistently profit making business in high-end analytics with stable ROE and constantly improving EBIDA margins.

b) Deep relations and sticky client behaviour over a consistent period of 5-6 years show good promise of the ability of the company to sustain revenue and profit growth.

c) Valuations at 35.4 times forwards earnings of FY22 offers a reasonable deal considering its margins, profit growth and unique positioning.

d) The business model is scalable with the potential to improve ROI per customer substantially over the years. This can be value accretive without deep additional investments.

Analytics is the road ahead and Latent View is one of the few pure play analytics businesses available in India. It looks like a risk worth taking.

Also Read:

Upcoming IPOs in 2021

Sapphire Foods IPO - Information Note 

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Direct or Regular Mutual Fund: What Should you Choose?

Direct or Regular Mutual Fund: What Should you Choose?
by 5paisa Research Team 08/11/2021

As an experienced investor, you may have observed an odd option when registering for mutual funds: You must choose between a direct plan and the regular plan. Mutual funds must now categorize the same fund plan into two distinct categories: Direct Plans and Regular Plans, beginning of January 2013.

During the announcement of daily NAVs, SEBI requested all mutual funds to clearly differentiate between regular plans and direct plans. This is the first time the two have been clearly separated. In other words, what's the difference between these two options, and why do we have to choose only one?

Let’s begin with analyzing these investment options so you can better decide what choice is right for you.


Difference Between Direct & Regular Mutual Funds

Direct and Regular plans are the two types of mutual fund investments available to investors. Comparing direct mutual funds with conventional mutual funds reveals three major differences, all of which are interconnected: how you buy, what to buy, what you pay (NAV), and how much it costs over time (total expense ratio).

There are advantages to both strategies. Investors should be aware of how the cost structure differs between the Direct and Regular mutual fund plans and how it impacts their returns before making an educated investment choice.

What are Direct Mutual Funds?

You may complete the KYC and invest directly in the fund of your choosing on their website by providing the appropriate documentation. Once you've made a decision on a strategy, you may begin investing right away. You save money since they don't charge commission or distribution fees this way, which means you can keep more of your earnings.

However, this route has a significant drawback: you'll be forced to do your own study to determine which MF would best serve your objectives before you can make an educated choice. As a result, if you're not familiar with MFs, you may not be able to choose the best one.

What are Regular Mutual Funds?

If you choose the normal plan, an agent/intermediary will do your job on your behalf. In this case, you will get a lot of assistance and someone will walk you through the whole procedure. All you have to do is provide your needs and the required documentation, and the rest of the procedural work will be taken care of for you.

So, you'll not only learn about the best MFs to invest in, but you'll also save time by not having to go through every choice on your own. Additionally, you will be given a representative who will keep you up to speed on the status of your fund and any new funds or investment opportunities in which you may be interested.

What Should you Choose: Direct or Regular?

A mutual fund scheme's Direct and Regular plans are just two variants of the same overall product. Both funds are invested in the same equities and bonds and are managed by the same fund manager.

In contrast to direct funds, which do not charge a commission to the broker as transaction fees or distribution expenses, the AMC charges a commission to brokers for regular funds. This is due to the fact that there are no middlemen when investing via a direct plan, thus all related expenses are removed.

If you compare the NAV of the direct plan to that of a normal plan, the direct plan posts higher numbers. Does it imply that investors would be better off going with a direct plan? If you're thinking about investing, don't only focus on net asset value (NAV).

Some additional things to consider are your knowledge and ability to manage your portfolio, such as if you know enough to select an appropriate fund for your needs. To avoid this, consult with a financial adviser who handles all of this on your behalf at a low fee.

As a result of the adviser monitoring and rebalancing of the portfolio to produce better returns, the total returns in regular funds would be higher despite the increased costs.

Who Should Invest in Direct Mutual Funds?

Direct plans are a good option for investors who want to deal with specific fund houses rather than go via an intermediary. These are best suited for individuals who have the time and inclination to do their own research on mutual funds before investing.

It is the investor's responsibility to handle all aspects of the application and compliance procedure from start to finish. Direct funds may be an excellent option for investors who wish to boost their returns while also cutting their expense ratios.

Conclusion

In this post, we've compared direct mutual fund plans to traditional mutual fund plans, as well as explained the major differences between them. When compared to regular plans, direct plans are less expensive and provide better returns.

In fact, the difference in returns may be significant if you invest for a lengthy period of time. However, Direct mutual fund plans require prior investing expertise and understanding. If you make poor investment choices, you run the risk of losing money.

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How to Check the Allotment Status of Fino Payments Bank IPO

How to Check the Allotment Status of Fino Payments Bank IPO
by 5paisa Research Team 08/11/2021

The Rs.1,200.29 crore IPO of Fino Payments Bank, consisting of a fresh issue of Rs.300 crore and an offer for sale (OFS) of Rs.900.29 crore. The IPO was subscribed 2.03X overall at the close of bidding on 02-November. The basis of allotment will be finalized on 09-November and the stock will be listed on 12-November. If you have applied for the Fino Payments Bank IPO, you can check your allotment status online.

You can either check your allotment status on the BSE website or the IPO registrar, KFINTECH Private Limited (formerly Karvy Computershare). Here are the steps.

Checking the allotment status of Fino Payments Bank on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1) Under Issue Type – Select Equity Option
2) Under Issue Name – Select Fino Payments Bank from the drop down box
3) Enter the Application Number exactly as in the acknowledge slip
4) Enter the PAN (10-digit alphanumeric) number
5) Once this is done, you need to click on the Captcha to verity that you are not a robot
6) Finally click on the Search Button.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fino Payments Bank IPO allotted to you.

Checking the allotment status of Fino Payments Bank on KFINTECH (Registrar to IPO)

Visit the KFINTECH registrar website for IPO status by clicking on the link below:
https://rti.kfintech.com/ipostatus/

Once you click on Recent IPOs, the dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Fino Payments Bank from the drop down box.

A) There are 3 options. You can either Query the allotment status based on PAN, Application Number or DPID-Client ID combination.

B) To Query by PAN, check the appropriate box and follow these steps.

i) Enter the 10-digit PAN number
ii) Enter the 6-digit Captcha Code
iii) Click on Submit button
iv) Allotment status gets displayed on screen

C) To Query by Application Number, check the appropriate box and follow these steps.

i) Select Application Type (ASBA or Non-ASBA)
ii) Enter the Application Number as it is
iii) Enter the 6-digit Captcha Code
iv) Click on Submit button
v) Allotment Status gets displayed on screen

D) To Query by DP-ID, check the appropriate box and follow these steps.

i) Select the depository (NSDL / CDSL)
ii) Enter the DP-ID
iii) Enter the Client-ID
iv) Enter the 6-digit Captcha Code
v) Click on Submit button
vi) Allotment Status gets displayed on screen

Also Read:-

Upcoming IPOs in November 2021

Upcoming IPOs in 2021

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