Shree OSFM E-Mobility IPO Allotment Status

Shree OSFM E-Mobility IPO Allotment Status
Shree OSFM E-Mobility IPO Allotment Status

by Tanushree Jaiswal Last Updated: Dec 19, 2023 - 03:48 pm 537 Views
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Quick take on the IPO of Shree OSFM E-Mobility Ltd 

The IPO of Shree OSFM E-Mobility Ltd opened for subscription on 14th December 2023 and closed for subscription on 18th December 2023. The stock of Shree OSFM E-Mobility Ltd has a face value of ₹10 per share and it is a fixed price issue. The issue price for the IPO has been fixed at ₹65 per share. The IPO of Shree OSFM E-Mobility Ltd has only a fresh issue component to the IPO with no book built portion. It must be remembered that the fresh issue portion is EPS dilutive and equity dilutive. The minimum lot size for the IPO investment will be 2,000 shares. Thus, retail investors can invest a minimum of ₹130,000 (2,000 x ₹65 per share) in the IPO. That is also the maximum that the retail investors can invest in the IPO. HNI / NII investors can invest a minimum of 2 lots comprising of 4,000 shares and having a minimum lot value of ₹260,000. As part of the fresh portion of the IPO, Shree OSFM E-Mobility Ltd will issue 37,84,000 shares (37.84 lakh shares), which at the fixed IPO price of ₹65 per share aggregates to a total fund raising of ₹24.60 crore. 

Since there is no offer for sale portion, the total size of the fresh issue will also be the total size of the IPO. Hence the total IPO size will also comprise of 37.84 lakh shares, which at the fixed IPO price of ₹65 per share will aggregate to ₹24.60 crore. Like any SME IPO, Shree OSFM E-Mobility IPO also has a market making portion with inventory allocation of 2,00,000 shares. The market maker for the issue is BHH Securities Private Ltd and they will provide two-way quotes to ensure liquidity on the counter post listing and low basis costs. The promoter holding in the company will dilute from 76.02% to 55.88% post the IPO. The fresh funds will be used by the company to purchase of passenger vehicles and for funding the working capital gaps. First Overseas Capital Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue.

How to apply for the Shree OSFM E-Mobility Ltd  IPO

The minimum lot size for the IPO investment will be 2,000 shares. Thus, retail investors can invest a minimum of ₹130,000 (2,000 x ₹65 per share) in the IPO. That is also the maximum that the retail investors can invest in the IPO. HNI / NII investors can invest a minimum of 2 lots comprising of 4,000 shares and having a minimum lot value of ₹260,000. There is no upper limit on what the QIBs as well as what the HNI / NII investors can apply for. 
Checking the allotment status of Shree OSFM E-Mobility Ltd 

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 for the 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 IPO registrar, Bigshare Services Private Limited; or you can use the broker link provided, in case your broker is giving such a direct linkage. Here are the steps that you need to follow to check allotment status on the registrar website.

Checking the allotment status of Shree OSFM E-Mobility 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:

https://www.bigshareonline.com/ipo_Allotment.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 Bigshare Services Private Ltd by clicking on the IPO Allotment Status link displayed prominently on the home page. It all works the same.
Once you enter the IPO allotment check landing page of Bigshare Services Private Ltd, you are given the choice to select from 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.

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Shree OSFM E-Mobility Ltd   from the dropdown box. The basis of allotment will be finalized on 19th December 2023, so in this case, you can access the details on the registrar website either late on 19th December 2023 or by middle of 20th December 2023. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO.

• Firstly, you can access the allotment status using Application Number / CAF Number. 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.

• 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 Shree OSFM E-Mobility 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 20th December 2023, or later.

Quota allocation and subscriptions: why they matter to allotment status

Here is a break-up of the total shares issued by the company and its quota allocated for different classes of investors. This is the key to your chances of allotment in the IPO.

Investor Category Shares Reserved
Market Maker Shares 2,00,000 shares (5.28% of total issue size)
QIB Shares Offered No QIB allocation in the IPO
NII (HNI) Shares Offered 17,92,000 shares (47.36% of total issue size)
Retail Shares Offered 17,92,000 shares (47.36% of total issue size)
Total Shares Offered 37,84,000 shares (100.00% of total issue size)

The response to the IPO of Shree OSFM E-Mobility Ltd  was relatively tepid and it was subscribed by 8.52X overall at the close of bidding on 18th December 2023 with the retail segment seeing 9.30 times subscription, the HNI / NII portion seeing 6.82 times subscription. There was no QIB quota allocation in this IPO. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 18th December 2023.

Investor 
Category
Subscription 
(times)
Shares 
Offered
Shares 
bid for
Total Amount 
(₹ in crore)
Market Maker 1 2,00,000 2,00,000 1.30
HNIs / NIIs 6.82 17,92,000 1,22,28,000 79.48
Retail Investors 9.30 17,92,000 1,66,74,000 108.38
Total 8.52 35,84,000 3,05,26,000 198.42
        Total Applications : 8,337 (9.30 times)

The basis of allotment will be finalized on 19th December 2023, the refunds will be initiated on 20th December 2023, demat credits will be also finalized on 20th December 2023, while the stock of Shree OSFM E-Mobility Ltd will get listed on the NSE-SME segment on 21st December 2023. The NSE SME segment is where the smaller companies get listed, in contrast to the mainboard IPO segment. The demat credits can be checked in the demat account by the close of 20th December 2023 and it will appear under ISIN (INE02S501018).

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 moderate 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.

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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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Investment/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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