S J Logistics (India) IPO Allotment Status

Quick take on the IPO of S J Logistics (India) Ltd

The IPO of S J Logistics (India) Ltd opened for subscription on 12th December 2023 and closed for subscription on 14th December 2023. The stock of S J Logistics (India) Ltd has a face value of ₹10 per share and it is a book building issue. The issue price for the fresh issue IPO had been fixed in the price band of ₹121 to ₹125 per share, with the final price to be discovered within this band. The IPO of S J Logistics (India) Ltd has only a fresh issue component with no book built portion; hence it would be entirely EPS and equity dilutive. As part of the fresh issue portion of the IPO, S J Logistics (India) Ltd will issue 38,40,000 shares (38.40 lakh shares), which at the upper IPO band price of ₹125 per share aggregates to a fresh IPO fund raising of ₹48.00 crore. In the absence of any offer for sale portion, the total size of the fresh issue will also be the total size of the IPO. 

Hence the total IPO size will also comprise of 38.40 lakh shares, which at the upper price band of ₹125 per share will aggregate to ₹48.00 crore. As in the case of any SME IPO, S J Logistics (India) IPO also has a market making portion with a market maker inventory allocation of 1,93,000 shares. The market maker for the issue is Hem Finlease Private Ltd and they will provide two-way quotes to ensure liquidity on the counter and low basis costs post listing. The promoter holding in the company currently stands at 67.55%, which will dilute post the IPO to 49.64%. S J Logistics (India) Ltd plans to use the fresh funds for repayment / prepayment of existing high cost loans, and for funding its working capital gaps. Hem Securities Ltd will be the lead manager to the issue, and Maashitla Securities Private Ltd will be the registrar to the issue.

Checking allotment status of S J Logistics (India) Limited IPO 

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 for the mainboard IPOs and for BSE SME IPOs. If you have applied for the IPO, you can check your allotment status directly on the website of the IPO registrar, Maashitla Securities Private Limited. Here are the steps that you need to follow to check allotment status.

Checking the allotment status of S J Logistics (India) Limited on the website of Maashitla Securities Private Ltd (Registrar to IPO)

Visit the Maashitla Securities Private Limited (IPO registrar to S J Logistics (India) Limited) website for IPO status by clicking on the link below:

https://maashitla.com/allotment-status/public-issues

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 is also a way to access this page via the home page of Maashitla Securities Private Ltd by clicking on the “Allotment Status” link displayed prominently on the home page. It all works the same.

This dropdown will show the active IPOs and also the IPOs that are being managed by the registrar but not yet active. However, you can access the online allotment status only after the allotment status is finalized for S J Logistics (India) Limited. At that point, you can go and select the company S J Logistics (India) Limited from the drop down box. The allotment status will be finalized on 15th December 2023, so in this case, you can access the details on the registrar website either late on 15th December 2023 or by middle of 16th December 2023. Once the company is selected from the dropdown box, you have 2 methods to check the allotment status for the IPO of S J Logistics (India) Limited.    

• Firstly, you can query for the application status based on your mapped 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 first 5 characters ad alphabets, sixth to ninth characters are numerical while the last character is once again an alphabet. 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 Submit Button.

• Secondly, you can also search by Beneficiary ID of your demat account. You have to then enter the combination of the DP id and the Client id as one single string. Remember that the NSDL string is alphanumeric while the CDSL string is a numeric string. Just enter the combination of DP id and customer id as it is. 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 Submit Button in both cases.

You can follow any of the options above. The IPO status with number of shares of S J Logistics (India) Limited 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 18th December 2023 or after that. These shares would be credited to your demat account under the following details (ISIN - INE0F3301020). 

It must be noted here that, in the past, Maashitla Securities Private Ltd (the registrar to the issue) was also offering the facility to query on allotment status based on application number / CAF number. That has now been discontinued and applicants in the IPO can now only query by either the Income Tax PAN number or the demat account number. The query facility by application number / CAF number is no longer available and therefore the investors can now check the online allotment status only based on the PAN query or the DP account query.

How allocation quota and subscription impact basis of allotment

Here is a quick look at how the allocation was made across different categories of investors. This is the first factor that impacts the investor’s chances of allotment in the IPO.

You can check the number of shares available for your specified quota which gives an idea of the chances of allotment at the outset itself. The response to the IPO of S J Logistics (India) Limited was very strong and it was subscribed 316.26X overall at the close of bidding on 14th December 2023 with the HNI / NII segment seeing 489.45 times subscription and the Retail portion seeing 356.33 times subscription. Even the QIB portion saw robust oversubscription of 116.16X in the IPO. The table below captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 14th December 2023.

The basis of allotment will be finalized on 15th December 2023, the refunds will be initiated on 18th December 2023, demat credits will be finalized on 18th December 2023, while the stock of S J Logistics (India) Limited will get listed on the NSE SME segment on 19th December 2023. The NSE SME segment is the place where the start-ups and young companies get listed, as opposed to the regular mainboard segment. The high level of subscription in the IPO reduces the chances of getting allotment in the IPO, but one has to now wait for the basis of allotment to be finalized.