NSE SME IPO of Beacon Trusteeship subscribed 28.94 times

Published on May 28, 2024 17:10

The initial public offer (IPO) of Beacon Trusteeship received bids for 11,20,66,000 shares as against 38,72,000 shares on offer, as per NSE data as of 17:00 hours on Tuesday (28 May 2024). The issue was subscribed 28.94 times.

The issue opened for bidding on Tuesday (28 May 2024) and it will close on Thursday (30 May 2024). The price band of the IPO is fixed between at Rs 57 to Rs 60 per share. The minimum order quantity is 2,000 equity shares. The equity shares will list on NSE�s SME platform.

The IPO comprises fresh issue of 38,72,000 equity shares. The promoter and promoter group shareholding will dilute to 46.14% from 67.88% Pre-offer.

The issue size comprises of fresh issue of 38,72,000 and offer for sale (OFS) of 15,48,000 shares by existing shareholders.

About 2,72,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 51,48,000 equity shares. The issue and the net issue will constitute 30.00% and 28.50% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds for building up technology infrastructure for its existing business, investment in wholly owned subsidiary (Beacon Investor), to commence the services of depository participant and registrar & share transfer agent, purchase of new office premises and for general corporate purpose.

Ahead of the IPO, Beacon Trusteeship on Monday, 27 May 2024, raised Rs 9.25 crore from anchor investors. The board allotted 15.42 lakh shares at Rs 60 per share to 9 anchor investor.

Beacon Trusteeship is a SEBI registered Debenture Trustee, offering a wide range of trusteeship services across various sectors. It provide services such as Debenture Trustee Services, Security Trustee Services, Trustee to Alternate Investment Fund (AIF), Trustee to ESOP, Securitization Trustee, Bond Trusteeship Services, Escrow Services, Safe keeping, and other allied services. The company is currently managed by group of professionals having extensive experience in the field of Investment Banking, Finance, Debt Syndication, and financial services. Its role as a trustee is to act as an intermediary between issuer companies and investors, ensuring due diligence, custodial services, monitoring compliance, documentation, disclosures, and record keeping. As on 31 March 2024, the company has total strength of 76 employees.

The company recorded revenue from operations of Rs 19.91 crore and net profit of Rs 5.16 crore for the period as on 31 March 2024.