Akanksha Power and Infrastructure IPO Allotment Status

The stock of Akanksha Power and Infrastructure Ltd has a face value of ₹10 per share and it is a book building issue priced in the band of ₹52 to ₹55 per share. The Akanksha Power and Infrastructure IPO has only a fresh issue component and no offer for sale (OFS). As part of the fresh portion of the IPO, Akanksha Power and Infrastructure Ltd will issue a total of 49,98,000 shares (49.98 lakh shares), which at the upper band IPO price of ₹55 per share aggregates to a fresh fund raising of ₹27.49 crore. As there is no OFS portion, the fresh issue size will double up as the overall IPO size. 

Thus, overall IPO size will also comprise of the issue of 49,98,000 shares priced at ₹55 per share and worth ₹27.49 crore. There will be a market maker inventory allocation of 2,60,000 shares made jointly to Nikunj Stock Brokers Ltd and SS Corporate Services Ltd. The market maker will ensure liquidity and low basis costs post listing. Promoter holding in the IPO will dilute from 83.28% to 60.81% post the IPO. The IPO funds will be used for capex and working capital spending. Narnolia Financial Services  Ltd will be the lead manager to the issue, and Link Intime India Private Ltd will be the registrar to the issue. 

When and How to check the basis of allotment status

Let us now turn to the million dollar question; How to check the allotment status? Since this is an NSE SME IPO, there is no facility to check on the exchange website since NSE does not offer that facility. On the other hand, the BSE only offers allotment status for mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status only on the website of the IPO registrar, Link Intime India Private Limited. Here are the steps that you need to follow to check allotment status.

Checking the allotment status of Akanksha Power and Infrastructure Ltd on Link Intime India Private Limited (Registrar to the IPO)

Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://linkintime.co.in/IPO/public-issues.html

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 Link Intime India Private Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same.
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Akanksha Power and Infrastructure Ltd from the drop-down box. In the case of Akanksha Power and Infrastructure Ltd, data access will be allowed late on 01st January 2024 or by middle of 02nd January 2024.    

• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.

• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.

• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.

• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.

• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.

Finally, click on the Search button. You can get the exact allotment status on the number of shares allotted to you. The IPO status with number of shares of Akanksha Power and Infrastructure Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records and later ever for reconciliation with the demat account status when shares are credited to your demat account on 02nd January 2024. But what exactly determines the success or otherwise of you getting allotment? It is the allocation quota and the subscription levels

Allocation quota and subscription levels for Akanksha Power and Infrastructure Ltd

The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. For investors it is the quota for the retail and the HNI that really matters.

The next thing to look at is the extent of subscription. The table below captures the extent of oversubscription for each of the categories as well as the overall subscription. 

The response to the IPO of Akanksha Power and Infrastructure Ltd was very robust and it was subscribed 117.39X overall at the close of bidding on 29th December 2023. The HNI / NII portion was subscribed 238.60 times while the retail portion was subscribed 110.44 times. This is very high subscription and gives a very low chance of allotment in the IPO. The same can be checked using the allotment checking modus operandi explained above.

With the IPO closed for subscription at the end of December 29th, 2023, the next piece of action shifts to the finalization of the basis of allotment and later to the listing of the IPO. The basis of allotment will be finalized on 01st January 2024 while the refunds would be initiated on 02nd January 2024. The shares of Akanksha Power and Infrastructure Ltd (ISIN - INE0PCY01014) would be credited to the demat accounts of eligible shareholders by the close of 02nd January 2024 while the stock of HRH Next Services Ltd is expected to be listed on 03rd January 2024.

The listing will happen on the NSE SME segment for small companies, which is distinct from the regular mainboard IPO space.