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The subscription period for the Beacon Trusteeship IPO began on Tuesday, May 28, and it will end on Thursday, May 30. The price band for the offering has been set between ₹57 and ₹60 per share. Each lot in the Beacon IPO is worth 2,000 shares.
50% of the net offer is allocated to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors as equity shares in the initial public offering (IPO).
In 2015, the debenture trustee Beacon Trusteeship Limited was established. It offers trustee services in several domains, such as escrow, bond Trusteeship, safekeeping, debenture, security, and so on. It also serves as trustee for securitisation, an alternate investment fund (AIF), and an employee stock purchase program (ESOP).
The client chooses the company to serve as both an escrow and monitoring agent in order to ensure that outbound remittances from the escrow account are credited only to the Special Purpose Collection Account or any other account as stipulated in the contractual agreement. The firm offers prompt monitoring services, paperwork, setting up an escrow system, and creating and reviewing escrow agreements.
The Beacon Trusteeship IPO basis for share allocation is expected to be finalised on Friday, May 31. Refunds will be initiated by the firm on Monday, June 3, and the shares will be credited to the allottees' demat accounts on the same day. On Tuesday, June 4, Beacon Trusteeship IPO shares are likely going to be listed on NSE SME.
Beacon Trusteeship IPO subscription status is 465.20 times, on day 3.
The retail portion was subscribed 502.49 times, and NII portion was booked 779.38 times. Qualified Institutions Buyers portion was booked 163.86 times.
The company has received bids for 1,67,75,04,000 shares against 36,06,000 shares on offer, according to data on chittorgarh.com.
Beacon Trusteeship IPO subscription status was 132.33 times, on day 2, and 32.02 times on the first day of bidding.
The Beacon Trusteeship IPO, valued at about ₹32.52 crore, consists of a fresh issuance of 3,872,000 equity shares at face value of ₹10, and a 1,548,000 equity shares as offer-for-sale component. Beacon Trusteeship IPO raised ₹9.25 crore from anchor investors, as per chittorgarh.com.
The company's promoters are Pratapsingh Indrajitsingh Nathani and Prasana Analytics Private Limited.
The following goals will be achieved with the proceeds from the fresh issue: expanding the company's technological infrastructure; acquiring Beacon RTA Services Private Limited and converting it into a fully owned subsidiary to begin providing registrar and share transfer agent services; buying new office space; and general corporate purposes.
The Beacon Trusteeship IPO's book running lead manager is Beeline Capital Advisors Pvt Ltd, while the issue's registrar is Kfin Technologies Limited. Spread X Securities is the Beacon Trusteeship IPO market maker.
Beacon IPO GMP today or grey market premium is +95. This indicates Beacon Trusteeship share price were trading at a premium of ₹95 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Beacon Trusteeship share price was indicated at ₹155 apiece, which is 158.33% higher than the IPO price of ₹60.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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