AVP Infracon IPO Allotment Status

About the AVP Infracon IPO

The IPO of AVP Infracon was open from February 13th, 2024 to March 15th, 2024; both days inclusive. The AVP Infracon IPO has a book-building price band in the range of ₹71 to ₹75 per share. The IPO of AVP Infracon will be entirely a fresh issue of shares of 6,979,200 shares worth ₹52.34 cr. 

The AVP Infracon IPO will be listed on the NSE SME. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated. The fresh funds will be used to fund the purchase of capital equipment, for working capital requirements, general corporate purposes, and to fund the public issue expenses. The IPO will be lead managed by Share India Capital Services Private Limited; while Purva Sharegistry India Private Limited will be the registrar of the IPO.

Subscription update for AVP Infracon IPO

The IPO of AVP Infracon was overall subscribed 21.45 times, with the maximum subscription coming from the HNI / NII portion, which got subscribed 46.15 times. The QIB portion followed with a subscription of 1.05 times. The Retail quota in the IPO of AVP Infracon was subscribed 22.49 times. Most of the QIB subscriptions came in on the last day of IPO as did the HNI / NII subscription, which is the norm.

However, the subscriptions were modest at best for QIBs and even HNIs / NIIs. The IPO was open for a period of 3 working days from February 13h, 2024 to March 15tht, 2024. The subscription update as of the close of the third and final day of the IPO was relatively tepid, with the HNI portion and the QIB portion picking up some heft only on the last day of the IPO. The basis of allotment will be finalised on 18th March 2024.

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, Purva Sharegistry India Pvt Ltd. Here are the steps that you need to follow to check your allotment status.

Checking the allotment status on Purva Sharegistry India Private Limited (Registrar to the IPO)

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

https://www.purvashare.com/investor-service/ipo-query

There are three things to remember. Firstly, you can just click on the hyperlink 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 is also a way to access this page via the home page of Purva Sharegistry India Pvt Ltd by clicking on the Public Issues link displayed prominently on the home page. It all works the same. It may be noted here that you can either access this page on the internet as above on your laptop / PC; or you can also download the mobile app of Purva Sharegistry India Pvt Ltd, where you can check for the status of allotment.

This dropdown will only show the active IPOs, so once the allotment status is finalised, you can select AVP Infracon from the drop-down box. In the case of AVP Infracon Ltd, data access will be allowed late on 18th March 2024 or by the middle of 19th March 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) and click on the SUBMIT button. This is an alphanumeric code available either on your PAN card or on top of your income tax return acknowledgement copy.

• 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. Here again, once you input the application number, you must click on the SUBMIT button.

• 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 smartphone.

• 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, since the last 4 digits of the IFSC code are the first 4 digits of your bank 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 the number of shares of AVP Infracon 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 for reconciliation with the demat account status when shares are credited to your demat account on 20th March 2024. However, what do you do if you have any complaints or queries or need some clarifications? While there is always the option to send a snail mail; there are quicker options too. You can send an email to: isupport@purvashare.com or you can dial their call centre at (+91) 22 4961 4132 (+91) 22 3199 8810.

But what exactly determines the success or otherwise of you getting allotment? It is the allocation quota and the subscription levels

Allocation quota for AVP Infracon IPO 

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.

There is no retail quota here.

Source: NSE SME

We now turn to how the various categories of investors in the IPO of AVP Infracon put in their bids. The ratio of subscriptions also makes a big difference to the allotment chances.

Subscription levels for AVP Infracon IPO

The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for AVP Infracon .

Data Source: NSE SME

The response to the IPO of AVP Infracon was modest across the QIB investors. The HNI portion has been subscribed 46.15 times which is relatively high by anecdotal standards. However, it is best to wait for the basis of allotment to be finalised by the end of 18th March 2024. 

Next steps in the IPO of AVP Infracon Limited

The issue opened for subscription on 13th February 2024 and closed for subscription on 15th March 2024 (both days inclusive). The basis of allotment will be finalised on 18th March 2024 and the refunds will be initiated on 19th March 2024. In addition, the demat credits are expected to also happen on 19th March 2024 and the stock will list on 20th March 2024 on the NSE SME. 

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting an allotment. Normally, the higher the subscription ratio, the lower the chances of allotment and vice versa. In this case, the subscription levels have been very modest in the IPO; both in the Retail segment and also in the HNI / NII segment. Investors in the IPO need to assess their chances of allotment accordingly. The final status will be known once the basis of allotment is finalized and uploaded for you to check. You can apply the above allotment checking process flow after the basis of the allotment is finalized.