Australian Premium Solar IPO (India) Allotment Status

The IPO of Australian Premium Solar (India) Ltd has a face value of ₹10 per share and it is a book built issue, priced in the band of ₹51 to ₹54 per share. The final price of the IPO will be decided within this price band. The Australian Premium Solar (India) IPO has only a fresh issue component and no offer for sale (OFS) portion. As part of the fresh issue portion, Australian Premium Solar (India) Ltd will issue a total of 52,00,000 shares (52.00 lakh shares), which at the upper band of the price band of ₹54 per share aggregates to fresh fund raising of ₹28.08 crore. Since there is no offer for sale (OFS) portion, the fresh issue size will also double up as the overall IPO size. Therefore, the overall IPO size will comprise of the issue of 52,00,000 shares at the price of ₹54 and the overall IPO size will be ₹28.08 crore.

Like every SME IPO, this issue also has a market making portion with a market maker inventory allocation of 2,60,000 shares. Spread X Securities Private Ltd will be the market maker to the issue. The market maker will provide two-way quotes to ensure liquidity on the counter and low basis costs, post listing. Post the IPO, the promoter stake in Australian Premium Solar (India) Ltd will dilute from 99.98% to 73.64%. The funds will be used for capex and working capital needs. Beeline Capital Advisors Private Ltd will be the lead manager to the issue, and Link Intime India Private Ltd will be the registrar to the IPO. 

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, or the basis of allotment as it is called in technical parlance? 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. However, in case your broker offers a direct link to the allotment status, then you can use that facility. However, the only other way to access the allotment status (basis of allotment) is through the registrar website. Here are the steps that you need to follow to check allotment status.

Checking the allotment status of Australian Premium Solar (India) 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 Australian Premium Solar (India) Ltd from the drop-down box. In the case of Australian Premium Solar (India) Ltd, data access will be allowed late on 16th January 2024 or by middle of 17th 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.

1) 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.

2) 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.

3) 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.

4) 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 Australian Premium Solar (India) 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 17th January 2024. You can view the demat credit for the stock under the demat ISIN code (INE0PCY01014). In case you find any discrepancies in the details, you can directly escalate the matter to the registrar through the dedicated email id or the dedicated call centre number with the details of the dichotomy you see in the allotment.

But what exactly determines the success or otherwise of you getting allotment? There are two factors that determine the chances of getting allotment in an IPO; the allocation quota for each of the investors categories and the subscription levels across categories.

Allocation Quota and Subscription Levels 

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 Australian Premium Solar (India) Ltd was very robust and it was subscribed 464.16X overall at the close of bidding on 15th January 2024. The HNI / NII portion was subscribed 772.85 times while the retail portion was subscribed 535.73 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. However, it is best to await the final allotment status as finalized by the basis of allotment to get you answers.

Next steps after the closure

The IPO of Australian Premium Solar (India) Ltd has already closed for subscription on 15th January 2024.  The question is now what are the next steps in the IPO process for this stock? First and foremost, the basis of allotment will be finalized on 16th January 2024, which puts out the allocation logic and the ratios of allocation to different categories. Then the refunds will be initiated on 17th January 2024 to non-allottees and to others to the extent of application amount not allotted. In case of ASBA, it is about releasing the lien. 

The demat credits are also expected to happen on 17th January 2024 and the stock is scheduled to list on 18th January 2024 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated. The demat credits to the demat account to the extent of allotment will happen by the close of 17th January 2024 under ISIN Number (INE0P0001010).