Beacon Trusteeship IPO Subscription Status

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 30th May 2024 - 06:38 pm

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Beacon Trusteeship - IPO subscription Status on Day-3

As of 5.30 pm on 30th May 2024, out of the 36.06 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Beacon Trusteeship saw bids for 16,770.68 lakh shares. This implies an overall subscription of 465.08X at a macro level at the close of Day-3 of the IPO. The Beacon Trusteeship IPO has closed for subscription as of the close of trading on May 30, 2024. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Beacon Trusteeship was as under:

QIBs (163.86X)   HNI / NII (779.71X) Retail (502.10X)


The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. The QIB quota and the NII / HNI typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investor 
Category
Subscription 
(times)
Shares 
Offered
Shares 
bid for
Total Amount 
(₹ in Crore)
Market Maker 1.00 2,72,000 2,72,000 1.63
Anchor Quota 1.00 15,42,000 15,42,000 9.25
QIB Investors 163.86 10,30,000 16,87,80,000 1,012.68
HNIs / NIIs 779.71 7,74,000 60,34,96,000 3,620.98
Retail Investors 502.10 18,02,000 90,47,92,000 5,428.75
Total 465.08 36,06,000 1,67,70,68,000 10,062.41

Data Source: NSE

The IPO was open up to May 30, 2024, and has closed for subscription as of the close of trading on May 30, 2024. The company had done an anchor allocation of 15.42 lakh shares on May 27, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹60 per share. This includes the face value of ₹10 per share and a premium of ₹50 per share. 
The total anchor size was worth ₹9.25 crore. Some of the key allottees in this anchor allocation included Beacon Stone Capital (12.84%), North Star Opportunities Fund (10.89%), NAV Capital VCC (10.89%), Zinnia Global Fund PCC (10.89%), Kingsman Wealth Fund PCC (10.89%), Negen Undiscovered Value Fund (10.89%), AG Dynamic Fund (10.89%), Craft Emerging Market Fund (10.89%), and Visionary Value Fund (10.89%). 
Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 30, 2024 and the balance 50% will have a 3-month lock-in up to August 29, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.45% to 19.00%. The basis of allotment will be finalized on Friday May 31, 2024, after which shareholders can check online how many shares have been allocated to their demat accounts. Under the new SEBI regulations, listing of IPOs happens in 3 working days from the closure of the IPO.

Beacon Trusteeship - IPO subscription Status on Day-2

As of 5.10 pm on 29th May 2024, out of the 36.06 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Beacon Trusteeship saw bids for 4,692.82 lakh shares. This implies an overall subscription of 130.14X at a macro level at the close of Day-2 of the IPO. The granular break-up of subscriptions as of the close of the second day of the IPO of Beacon Trusteeship was as under:

QIBs (9.69X)   HNI / NII (146.49X) Retail (191.97X)

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investor 
Category
Subscription 
(times)
Shares 
Offered
Shares 
bid for
Total Amount 
(₹ in Crore)
Market Maker 1.00 2,72,000 2,72,000 1.63
Anchor Quota 1.00 15,42,000 15,42,000 9.25
QIB Investors 9.69 10,30,000 99,78,000 59.87
HNIs / NIIs 146.49 7,74,000 11,33,80,000 680.28
Retail Investors 191.97 18,02,000 34,59,24,000 2,075.54
Total 130.14 36,06,000 46,92,82,000 2,815.69

Data Source: NSE

The IPO is open up to May 30, 2024, at which point we will know the final subscription status of the IPO. The company had done an anchor allocation of 15.42 lakh shares on May 27, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹60 per share. This includes the face value of ₹10 per share and a premium of ₹50 per share. 

The total anchor size was worth ₹9.25 crore. Some of the key allottees in this anchor allocation included Beacon Stone Capital (12.84%), North Star Opportunities Fund (10.89%), NAV Capital VCC (10.89%), Zinnia Global Fund PCC (10.89%), Kingsman Wealth Fund PCC (10.89%), Negen Undiscovered Value Fund (10.89%), AG Dynamic Fund (10.89%), Craft Emerging Market Fund (10.89%), and Visionary Value Fund (10.89%). 
Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 30, 2024 and the balance 50% will have a 3-month lock-in up to August 29, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.45% to 19.00%.
 

Beacon Trusteeship - IPO subscription Status on Day-1

As of 5.15 pm on 28th May 2024, out of the 31.08 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Beacon Trusteeship saw bids for 1,120.66 lakh shares. This implies an overall subscription of 31.08X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of the first day of the IPO of Beacon Trusteeship was as under:
 

QIBs (0.99X)   HNI / NII (26.80X) Retail (50.12X)

The subscriptions were led by the retail investors followed by the HNI / NII investors and the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Investor 
Category
Subscription 
(times)
Shares 
Offered
Shares 
bid for
Total Amount 
(₹ in Crore)
Market Maker 1.00 2,72,000 2,72,000 1.63
Anchor Quota 1.00 15,42,000 15,42,000 9.25
QIB Investors 0.99 10,30,000 10,18,000 6.11
HNIs / NIIs 26.80 7,74,000 2,07,40,000 124.44
Retail Investors 50.12 18,02,000 9,03,08,000 541.85
Total 31.08 36,06,000 11,20,66,000 672.40

Data Source: NSE

The IPO is open up to May 30, 2024, at which point we will know the final subscription status of the IPO. The company had done an anchor allocation of 15.42 lakh shares on May 27, 2024, one working day ahead of the IPO opening. The anchor allocation was done across 9 anchor investors at the upper end of the price band at ₹60 per share. This includes the face value of ₹10 per share and a premium of ₹50 per share. 

The total anchor size was worth ₹9.25 crore. Some of the key allottees in this anchor allocation included Beacon Stone Capital (12.84%), North Star Opportunities Fund (10.89%), NAV Capital VCC (10.89%), Zinnia Global Fund PCC (10.89%), Kingsman Wealth Fund PCC (10.89%), Negen Undiscovered Value Fund (10.89%), AG Dynamic Fund (10.89%), Craft Emerging Market Fund (10.89%), and Visionary Value Fund (10.89%). 
Out of this anchor allocation 50% of the allocation will have a 1-month lock in up to June 30, 2024 and the balance 50% will have a 3-month lock-in up to August 29, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.45% to 19.00%.

Beacon Trusteeship – Share Allocation Across Categories

The table below captures the break-up of the overall share allocation to retail investors and to the HNI / NII investors. There is no QIB quota in this IPO, and the market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock.

Investor Category Shares Allocated in the IPO
Market Maker Shares 2,72,000 shares (5.02% of the total issue size)
Anchor Portion Allocation 15,42,000 shares (28.45% of the total issue size)
QIB Shares Offered 10,30,000 shares (19.00% of the total issue size)
NII (HNI) Shares Offered 7,74,000 shares (14.28% of the total issue size)
Retail Shares Offered 18,02,000 shares (33.25% of the total issue size)
Total Shares Offered 54,20,000 shares (100.00% of total issue size)

Data Source: Company RHP

The issue size, net of the market maker quota, has been divided between the QIB investors, retail investors and the HNI / NII investors.

About the IPO of Beacon Trusteeship

The stock of Beacon Trusteeship 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 ₹57 to ₹60 per share. Being a book built issue, the final price will be discovered within this band. The IPO of Beacon Trusteeship has a fresh issue component and an offer for sale (OFS) component. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Beacon Trusteeship will issue a total of 38,72,000 shares (38.72 lakh shares), which at the upper band IPO price of ₹60 per share aggregates to fresh fund raising of ₹23.23 crore. As part of the offer for sale (OFS) portion of the IPO, there will be a sale / offer of total of 15,48,000 shares (15.48 lakh shares), which at the upper band IPO price of ₹60 per share aggregates to OFS size of ₹9.29 crore. Therefore, the overall IPO size (fresh issue + OFS) will comprise of the issue and sale of 54,20,000 shares (54.20 lakh shares) which at the upper band IPO price of ₹60 per share will aggregate to overall IPO size of ₹32.52 crore. 

Like every SME IPO, this issue also has a market making portion with a market maker inventory allocation of 2,72,000 shares. The name of the market maker is yet to be announced for the IPO. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs, post listing. The promoter holding in the company currently stands at 67.88%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 46.14%. The fresh issue funds will be used by the company for building the technology infrastructure of the existing business, acquisition of Beacon RTA Services, an commence DP operations, as well as for purchase of new office premises. Beeline Capital Advisors Private Ltd will be the lead manager to the issue, and KFIN Technologies Ltd will be the registrar to the issue. The market maker for the issue is yet to be officially announced by the company. The Beacon Trusteeship IPO will be listed on the SME IPO segment of NSE.

Next Steps in the Beacon Trusteeship IPO Process

The issue opened for subscription on 28th May 2024 and closes for subscription on 30th May 2024 (both days inclusive). The basis of allotment will be finalized on 31st May 2024 and the refunds will be initiated on 03rd June 2024. In addition, the demat credits are expected to also happen on 03rd June 2024 and the stock will list on 04th June 2024 on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 03rd June 2024 under ISIN (INE639X01027).
 

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