Oriana Power IPO: How to Check Allotment Status

The ₹59.66 crore IPO of Oriana Power Ltd comprises entirely of a fresh issue with no offer for sale (OFS) component. The Fresh Issue portion of Oriana Power Ltd entails the issue of 50.556 lakh shares at which at the upper band of the price range at ₹118 per share aggregates to ₹59.66 crore. In the absence of OFS portion, the fresh issue portion also becomes the overall size of the IPO of Oriana Power Ltd. The stock has a face value of ₹10 and retail bidders can bid in minimum lot size of 1,200 share each. Thus, the minimum investment of ₹141,600 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO. The break-down of the reservation for  different categories of investors is as under.

Let us turn first to when you can check the allotment status of the shares online.

When can you check allotment status online

The basis of allotment will be finalized on Tuesday, 08th August 2023, the refunds will be initiated on 09th August 2023, demat credits will be finalized on 10th August 2023, while the stock of Oriana Power Ltd will get listed on the NSE SME Emerge segment on 11th August 2023. The company had a pre-IPO promoter holding of 83.40% and post the IPO, the promoter stake in Oriana Power Ltd will stand reduced to 61.41%. On listing, the company will have an indicative P/E ratio of 20.7X, which is reasonable for the sector.

How to check the allotment status? Since this is an NSE SME IPO, there is no facility to check on the exchange website and BSE only offers allotment status in the case of mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status online on the website of the IPO registrar, Skyline Financial Services Private Ltd. Here are the steps that you need to follow to check allotment status.

Checking the allotment status of Oriana Power Ltd on the website of Skyline Financial Services Private Ltd (Registrar to IPO)

Visit the Skyline Financial Services Private Ltd registrar website for IPO status by clicking on the link below:

https://www.skylinerta.com/ipo.php

The first thing you do is to select the company you want to access the allotment status for. The drop down box will only show companies where the allotment status is already finalized. In this case, you can get to see the name of Oriana Power Ltd on the list around 08th August 2023 when the basis of allotment is finalized. Once the company name appears on the drop down, you can click on the company name and go to the next screen.

This dropdown will only show the active IPOs, so once the basis of allotment is finalized, you can select Oriana Power Ltd from the dropdown box. The basis of allotment will be finalized on Tuesday, 08th August 2023, so in this case, you can access the details on the registrar website either late on 08th August 2023 or by middle of 09th August 2023. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO. Any of the three methods can be selected from the same screen by opting for the preferred radio button.

• Firstly, you can search by Beneficiary ID of your demat account. From the page you just need to first select the DP ID / Client ID option. It does not matter whether it is an NSDL account or a CDSL account. All you need to do is to write down the combination of the DP ID and the Client ID in a single string. In the case of NSDL, enter the DP id and Client id in a single string without space. In case of CDSL, just enter the CDSL client number. Remember that the NSDL string is alphanumeric while the CDSL string is a numeric string. The details of your DP and client ID are available in your online DP statement or in the statement of account. After that you can click the Search Button in either cases.
   
• Secondly, you can access with Application Number / CAF Number. Enter the Application / CAF number and then click on Search Button. Enter the application exactly it is given in the acknowledgement slip given to you post the IPO application process. After that you can click on the Search button to get the details of shares allotted to you in the IPO.
   
• Thirdly, you can also search by Income Tax PAN number. Once you select PAN (permanent account number) from the dropdown menu, enter your 10-digit PAN number, which is an alphanumeric code. The PAN number will be available on your PAN card or on top of your income tax returns filed. Once you enter the PAN, click on the Search Button.

The IPO status with number of shares of Oriana Power Ltd allotted will be displayed on the screen. You can save a screenshot of the screen for future reference. Once again, you can verify the demat credit by the close of 10th August 2023. Remember that the most important factor in assessing your chances of getting allotment is the extent of oversubscription in the IPO. Normally, higher the oversubscription in the IPO, the lower are your chances of getting an allotment. Now, let us look at the extent of oversubscription that the IPO of Oriana Power Ltd got.

Subscription response to the IPO of Oriana Power Ltd

The response to the IPO of Oriana Power Ltd was strong as the overall issue was subscribed 176.58X at the close of bidding on 03rd August 2023 which is well above the median subscription that the NSE SME IPOs have been getting in general. Out of the overall bids received, the retail segment saw 204.04 times subscription and the non-retail HNI / NII portion saw 251.74 times subscription. The QIB portion was also subscribed 72.16 times, in the portion net of the anchor allocation. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 03rd August 2023.

As can be seen from the above table, the subscription to the IPO has been quite robust considering the focused business model of the company. That substantially reduces the chances of allotment for the applicants and hence the basis of allotment will hold a lot of significance for the IPO applicants of Oriana Power Ltd.

Quick word on the business profile of Oriana Power Ltd

Oriana Power Ltd, is an SME IPO on the NSE which has opened for subscription on 01st August 2023 and has closed for subscription on 03rd August 2023. The company, Oriana Power Ltd, was incorporated in in the year 2013 to provide total solar energy solutions. These services are offered to commercial and industrial customers customized to their specific needs and requirements. This not only is what the world is moving towards but presence in the alternate energy also enhances the valuation of companies. Oriana Power Ltd offers low carbon energy solutions to its customers which include on-site solar project installation, rooftop and ground mounted system, and off-site solar farms.

Oriana Power Ltd has a capex arm and also a services arm. The capex arm handles the engineering, procurement, construction (EPC) as well as the operation of solar projects. The services arm offers solar energy solutions on a Build, Own, Operate and Transfer (BOOT) model, or other similar such models used in infrastructure projects. The fresh issue funds raised in the IPO will be used for investment in subsidiaries and working capital needs; apart from general corporate purposes. The IPO is lead managed by Corporate Capital Ventures Private Ltd while Skyline Financial Services Private Ltd is the registrar.