Sunrest Lifescience IPO Allotment Status
The IPO of Sunrest Lifescience Ltd opened for subscription on 07th November 2023 and closed for subscription on 09th November 2023. The company has a face value of ₹10 per share and it is a fixed price issue; with the IPO price fixed at ₹84 per share. The IPO of Sunrest Lifescience Ltd has only a fresh issue component with no book built portion. As part of the fresh portion of the IPO, Sunrest Lifescience Ltd will issue a total of 12,91,200 shares (12.91 lakh shares approximately), which at the fixed IPO price of ₹84 per share aggregates to a total fund raising of ₹10.85 crore. Since there is no offer for sale portion, the total size of the fresh issue will be the total size of the IPO too. Hence the total IPO size will also comprise of 12.912 lakh shares, which at the fixed IPO price of ₹84 per share will aggregate to ₹10.85 crore. Mark Corporate Advisors Private Ltd will be the lead manager to the issue, and Skyline Financial Services Private Ltd will be the registrar to the issue.
The minimum lot size for the IPO investment will be 1,600 shares. Thus, retail investors can invest a minimum of ₹134,400 (1,600 x ₹84 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 3,200 shares and having a minimum lot value of ₹268,800. There is no upper limit on what the QIBs as well as what the HNI / NII investors can apply for. Like every SME IPO, this issue also has a market making portion with inventory allocation of 65,600 shares. The market maker for the issue is SVCM Securities Private Ltd and they will provide two-way quotes to ensure liquidity on the counter post listing and low basis costs. Post the IPO, the promoter stake in the company will dilute from 100.00% to 69.91%. The fresh funds will be used by Sunrest Lifesciences Ltd for working capital and general corporate purposes.
When and how to check IPO allotment status online
The basis of allotment will be finalized on 15th November 2023, the refunds will be initiated on 16th November 2023, demat credits will also be finalized on 17th November 2023, while the stock of Sunrest Lifescience Ltd will get listed on the NSE SME Emerge segment on 20th November 2023. The allotment status can be checked online after the basis of allotment is finalized. It would be typically be available, in this case, late on 15th November 2023 or by middle of 16th November 2023.
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 in the case of mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status online on the website of the IPO registrar, Skyline Financial Services Private Ltd. Here are the steps that you need to follow to check allotment status.
Checking the allotment status of Sunrest Lifescience Ltd on the website of Skyline Financial Services Private Ltd (Registrar to IPO)
Visit the Skyline Financial Services Private Ltd registrar website for IPO status by clicking on the link below:
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 Skyline Financial Services Private Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same.
The first thing you do is to select the company you want to access the allotment status for. The drop down box will only show companies where the allotment status is already finalized. In this case, you can get to see the name of Sunrest Lifescience Ltd on the list around 15th November 2023 when the allotment status and the basis of allotment by the issuer is finalized. Once the company name appears on the drop down, you can click on the company name and go to next screen.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Sunrest Lifescience Ltd from the dropdown box. The allotment status will be finalized on 15th November 2023, so in this case, you can access the details on the registrar website either late on 15th November 2023 or by middle of 16th November 2023. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO. All the three can be selected from the same screen by opting for the preferred radio button.
• Firstly, you can search by Beneficiary ID of your demat account. From the page you just need to first select the DP ID / Client ID option. It does not matter whether it is an NSDL account or a CDSL account. All you need to do is to write down the combination of the DP ID and the Client ID in a single string. In the case of NSDL, enter the DP id and Client id in a single string without space. 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 either cases.
• Secondly, you can access with 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.
• 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 Sunrest Lifescience 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 17th November 2023 or after that. Remember that the most important factor in assessing your chances of getting allotment is the quota allocation for each category and the extent of oversubscription in the IPO. Normally, higher the oversubscription in the IPO, the lower are your chances of getting an allotment. Now, let us look at the quotas allocated to each category and also the extent of oversubscription that the IPO of Sunrest Lifescience Ltd got.
Quota allocation and subscription response to the IPO of Sunrest Lifescience Ltd
The issue is split into QIB, retail and HNI portion with a small allocation for the market maker to the IPO. The anchor allotment portion is carved out of the QIB portion only. The break-down of the reservation for different categories of investors is as under.
|Investor Category||Shares Offered|
|Anchor Allocation||Nil Allotment to anchors|
|Market Maker Shares||65,600 shares (5.08% of total issue size)|
|QIB shares Offered||Nil Allotment to QIB Investors|
|NII (HNI) Shares Offered||6,12,800 shares (47.46% of total issue size)|
|Retail Shares Offered||6,12,800 shares (47.46% of total issue size)|
|Total Shares Offered||12,91,200 shares (100.00% of total issue size)|
The response to the IPO of Sunrest Lifescience Ltd was strong as the overall issue was subscribed 48.54X at the close of bidding on 09th November 2023 which is moderately comparable to the median subscription that the NSE SME IPOs have been getting in general. Out of the overall bids received, the retail segment saw 65.74 times subscription and the non-retail HNI / NII portion saw 29.17 times subscription. There was no QIB allocation in this IOP of Sunrest Lifescience Ltd. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 09th November 2023.
(₹ in crore)
|HNIs / NIIs||29.17||6,12,800||1,78,78,400||150.18|
|Total Applications :||25,179 (65.74 times|
What do we read from the above data? Clearly, the oversubscription to the IPO is substantial so the chances of getting allotment in the IPO is quite low. Investors need to factor this oversubscription into their calculations since the probability of getting allotment is inversely proportional to the subscription levels. However, it is best to wait till 15th November 2023 when the basis of allotment will be finalized for the IPO of Sunrest Lifescience Ltd.