Infollion Research Services IPO: Closing date subscription details

Infollion Research Services IPO of closed on Wednesday, 31st May 2023. The IPO had opened for subscription on 29th May 2023. Let us look at the final subscription status of Infollion Research Services Ltd at the close of subscription on 31st May 2023.

A quick word on Infollion Research Services Ltd and the SME IPO

Infollion Research Services Ltd, is an SME IPO on the NSE which opened for subscription on 29th May 2023. The company was incorporated in 2009 and offers a very technology driven consulting market place. It actually brings the suppliers of skills and the market for skills together under a single agnostic platform. Infollion Research Services plays a catalytic role in the B2B Human Cloud segment with its strong expert empanelment.

Infollion Research Services, provides a platform for workers on one side and potential employers or hirers on the other side. It has a client base including top-tier consulting firms, hedge funds, private equity funds, and mid-tier Corporates. In the case of this IPO, the fresh funds will be used to expand in the US and Europe as well as expanding visibility and technology development. Holani Consultants Private Limited will also be the lead manager to the issue and Link Intime India Private Limited will be the registrar to the issue.

The ₹21.45 crore IPO of Infollion Research Services Ltd comprised of a fresh issue and an offer for sale. The total SME IPO of Infollion Research Services Ltd entails issue of 26.16 lakh shares which at the upper band of the price range at ₹82 per share aggregates to ₹21.45 crore. The stock has a face value of ₹10 and retail bidders can bid in minimum lot size of 1,600 share each. Thus, the minimum investment of ₹131,200 in the IPO is the base limit. That is also the maximum that a retail investor can apply for in the IPO.

HNIs can invest in 2 lots of 3,200 shares worth ₹262,400 as the bare minimum investment. There is no upper limit for the HNI / NII category. Infollion Research Services Ltd will deploy the funds for working capital needs of the company and for creating awareness and visibility of the brands. Post the IPO, the promoter equity in the company will get diluted from the current level of 67.09%. The issue is lead managed by Holani Consultants Private Ltd, while Link Intime India Private Ltd will be the registrars to the issue. Let us now turn to the final subscription details of the IPO as of the close of subscription on 31st May 2023.

Final subscription status of Infollion Research Services Ltd

Here is the subscription status of the Infollion Research Services Ltd IPO as at close on 31st May 2023.

The issue was only open for retail investors, QIBs and for the HNI / NIIs. There was a broad quote designed for each of the segments viz. the QIBs, the retail and the HNI NII. The table below captures the allocation reservation done for each of the categories out of the total number of shares offered in the IPO.

However, the above table only accounts for 18.91 lakh shares while the total issue size was 26.16 lakh shares. That is because the balance of 7.25 lakh shares were allocated earlier as part of the anchor issue to the anchor investors a day ahead of the IPO opening. The anchor allotment was done on 26th May 2023 and details are as under. The 7.25 lakh shares were allocated to the anchor investors as below at the upper end of the price band at ₹82.

The oversubscription of the IPO was dominated by the HNI / NIIs followed by the retail investors and the QIB investors in that order. The table below captures the day-wise progression of the subscription status of Infollion Research Services Ltd IPO.

It is clear from the above table that while the retail portion and the NII / HNI portion got fully subscribed on the first day of the IPO itself, the QIB portion got fully subscribed only on the last day of the IPO, which is the general norm. However, the overall IPO was fully subscribed on the first day itself although most of the traction was seen on the last day. All the 3 categories of investors viz., HNIs / NIIs, retail and QIB categories saw good traction and build up of interest on the last day of the IPO. There is an allocation of 132,800 shares to Holani Consultants Private Ltd for market making, which has been included in the HNI / NII quota and is carved out of that.

The IPO of Vasa Denticity opened for subscription on 29th May 2023 and closed for subscription on 31st May 2023 (both days inclusive). The basis of allotment will be finalized on 05th June 2023 and the refunds will be initiated on 06th June 2023. In addition, the demat credits are expected to happen on 7th June 2023 and the stock is scheduled to list on 08th June 2023 on the NSE SME segment. This is the segment, in contrast to the mainboard, where IPOs of small and medium enterprises (SMEs) are incubated.