Oneclick Logistics India IPO: Closing subscription details
About the Oneclick Logistics India Ltd IPO
The IPO of Oneclick Logistics India Ltd opened for subscription on 27th September 2023 and closed for subscription on 03rd October 2023; both days inclusive. The company has a face value of ₹10 per share and it is a fixed price issue. The issue price has been fixed at ₹99 per share. The IPO of Oneclick Logistics India Ltd has only a fresh issue component and no offer for sale (OFS) component in the IPO. As part of the fresh issue portion of the IPO, Oneclick Logistics India Ltd will issue a total of 10,00,800 shares (10.01 lakh shares approximately). At the fixed price of the IPO price of ₹99 per share, the fresh issue is worth ₹9.91 crore. Since there is no offer for sale portion, the fresh issue will also be the total size of the issue. The overall IPO will also entail the issue of 10,00,800 shares (10.01 lakh shares approximately), which at the fixed IPO price of ₹99 per share, aggregates to ₹9.91 crore.
The minimum lot size for the IPO investment will be 1,200 shares. Thus, retail investors can invest a minimum of ₹1,18,800 (1,200 x ₹99 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 2,400 shares and having a minimum lot value of ₹2,37,600. There is no upper limit QIBs and HNI / NII investors. Post the IPO the promoter stake in Oneclick Logistics India Ltd will get diluted from 93.00% to 67.17%. The fresh funds will be used for meeting the incremental working requirements of the company. Fedex Securities Private Ltd will be the lead manager to the issue and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue will be SS Corporate Securities Ltd.
Final subscription status of Oneclick Logistics India Ltd
Here is the subscription status of the Oneclick Logistics India IPO as at close on 03rd October 2023.
As can be seen from the above table, the overall IPO of Oneclick Logistics India Ltd got subscribed 185.21 times overall. The Retail portion led the stakes with 224.19 times subscription, followed by the HNI / NII portion at 139.45 times. There was no separate QIB portion allocation in the IPO. That is a very good response to an SME IPO, especially if you compare with the median subscriptions that similar other SME IPOs have got in the past.
Allocation quota for various categories
The issue was open for retail investors and for the non-retail investors comprising predominantly of the HNI / NII investors. There was a broad quota designed for each of the segments viz. the retail and the HNI / NII segment. The table below captures the allocation reservation done for each of the categories out of the total number of shares offered in the IPO. A total of 52,800 shares were allocated as market maker portion to SS Corporate Securities Ltd, which will act as a market maker to provide bid-ask liquidity on the counter post listing. Market maker action not only improves liquidity in the counter but also reduces the basis risk.
|Investor Category||Shares Offered|
|Anchor Investor Shares Offered||Nil Shares|
|Market Maker Shares Offered||52,800 shares (5.28%)|
|Non-retail Shares Offered||4,74,000 shares (47.36%)|
|Retail Shares Offered||4,74,000 shares (47.36%)|
|Total Shares Offered||10,00,800 shares (100.00%)|
As can be seen, from the above table, the company had no dedicated QIB portion and no anchor allocation was made by the company in the IPO. The company has allocated 5.28% shares for the market maker to provide liquidity post listing using the market maker inventory of shares.
How subscription built up for the IPO of Oneclick Logistics India Ltd
The oversubscription of the IPO was dominated by the Retail category followed by the HNI / NIIs in that order. The table below captures the day-wise progression of the subscription status of Oneclick Logistics India Ltd IPO.
|Date||HNI / NII||Retail||Total|
|Day 1 (Sep 27, 2023)||0.46||3.17||1.81|
|Day 2 (Sep 28, 2023)||1.12||7.98||4.55|
|Day 3 (Sep 29, 2023)||10.73||24.36||19.55|
|Day 4 (Oct 03, 2023)||139.45||224.19||185.21|
It is clear from the above table that while the retail portion got fully subscribed on the first day of the IPO itself, the HNI / NII portion got fully subscribed only on the second day of the IPO itself. The overall issue was fully subscribed on the first day of the IPO itself. The IPO was kept open for 4 days. However, all the 3 categories saw bunching of flows on the fourth and final day of the IPO. The overall IPO was also fully subscribed on the first day itself although most of the traction was seen on the last day.
All the 3 categories of investors viz., HNIs / NIIs, retail and QIB categories saw good traction and build-up of interest on the last day of the IPO. Post the IPO listing, the market maker will offer two way quotes on the stock, using the inventory of shares, and ensure that investors do not have to worry about liquidity and basis risk. The basis of allotment will be finalized on 06th October 2023 while the stock is expected to be listed on 11th October 2023. It will be listed in the NSE SME segment, which is for the smaller companies and trades distinct from the mainboard segment.
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