GPT Healthcare IPO Allotment Status

About the GPT Healthcare Ltd IPO

The stock of GPT Healthcare Ltd has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹177 to ₹186 per share. The IPO of GPT Healthcare Ltd is a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue tends to bring fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership.

The fresh issue portion of the GPT Healthcare IPO comprises the issue of 21,50,537 shares (21.51 lakh shares approximately), which at the upper price band of ₹186 per share will translate into a fresh issue size of ₹40 crore. The offer for sale (OFS) portion of the IPO of GPT Healthcare Ltd comprises the sale of 2,60,82,786 shares (260.83 lakh shares approximately), which at the upper price band of ₹186 per share will translate into an OFS size of ₹485.14 crore.

Out of the OFS size of 2,60,82,786 shares, the investor shareholder(Banyan Tree Growth Capital LLC) will offer the entire lot of shares worth Rs485.14. Promoter shareholders will not be offering any shares in the offer for sale (OFS). Therefore, the total IPO of GPT Healthcare Ltd will comprise of a fresh issue and an OFS of 2,82,33,323 shares (282.33 lakh shares approximately) which at the upper end of the price band of ₹186 per share aggregates to total issue size of ₹525.14 crore.

The IPO of GPT Healthcare Ltd will be listed on the NSE and the BSE on the IPO mainboard. The fresh funds will be used to repay / prepay some of the high-cost borrowings of the business. Promoters currently hold 67.34% in the company, which will get diluted post the IPO to 65.58%. The IPO will be lead managed by JM Financial, while Link Intime India Private Ltd will be the registrar to the IPO.

Subscription update for GPT Healthcare Ltd IPO

The IPO of GPT Healthcare Ltd   was overall subscribed 8.52 times, with the maximum subscription coming from the QIB portion, which got subscribed 17.30 times. While the HNI / NII segment got subscribed 11.02 times, the retail portion got subscribed at a tepid 2.44 times. There was no employee quota in the IPO of GPT Healthcare Ltd. Most of the QIB subscriptions came in on 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 in total from February 21st, 2024 to February 26th, 2024. The subscription updated 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.

When will the basis of allotment be finalized?

The first step for checking the allotment status of the IPO online is the completion of the basis of allotment of GPT Healthcare Ltd  . The basis of allotment will be finalized late on 27th February 2024. The refunds will be initiated by the company on 28th February 2024. The demat credits are expected to also happen on 28th February 2024 while the listing of the stock on the NSE and the BSE will happen on 29th February 2024. In between there is no weekend or a holiday so the allotment status gets completed and the stock listed in 3 days flat.

Now, it looks like the companies are keen to adhere to the new SEBI norm of T+3 listing diligently. That was voluntary till the end of November but has become mandatory as of the start of December 2023, so IPO issuers are now fully geared up  for the new system. The adherence has been much robust among the SME IPOs, and now mainboard IPOs are catching on.

If you have applied for the IPO, you can check your allotment status online.  You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.

Checking the allotment status on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below. 

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.
    • Under Issue Type – Select Equity Option
    • Under Issue Name – Select GPT Healthcare Ltd   from the drop down box
    • Enter the Application Number exactly as in the acknowledgement slip
    • Enter the PAN (10-digit alphanumeric) number
    • Once this is done, you need to click on the Captcha to verify that you are not a robot
    • Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.

The allotment status will be displayed on the screen in front of you informing about the number of shares of GPT Healthcare Ltd   allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 28th February 2024. The stock of GPT Healthcare Ltd  will appear in the demat account (if allotted) under ISIN Number (INE486R01017).

Checking the allotment status on Link Intime India Pvt Ltd (Registrar to the IPO)

Here are the steps to follow. 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 GPT Healthcare Ltd   from the drop-down box. In the case of GPT Healthcare Ltd , data access will be allowed late on 27th February 2024 or by middle of 28th February 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). This is an alphanumeric code available either on your PAN card or on top of your income tax return.

• 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.

• 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.

• 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

The IPO status with number of shares of GPT Healthcare Ltd   allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records. The same can be verified with the demat account on 28th February 2024 or after that. The stock is expected to list on 29th February 2024. The only question now is, what determines chances of allocation in the IPO? It boils down to allocation quota and subscription levels.

Allocation quota for GPT Healthcare Ltd  

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.

Source: BSE

We now turn to how the various categories of investors in the IPO of GPT Healthcare Ltd put in their bids. The ratio of subscription also makes a big difference to the allotment chances.

Subscription levels for GPT Healthcare Ltd  

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 for GPT Healthcare Ltd  .

Data Source: BSE

The response to the IPO of GPT Healthcare Ltd  was modest across the QIB investors and the HNI / NII investors but it was relatively tepid for the retail investor portion. The HNI portion has been subscribed 11.02 times which is relatively low by anecdotal standards. The retail portion subscription of 2.44 times gives the retail applicants a good chance of getting allotment in the IPO. However, it is best to wait for the basis of allotment to be finalized by the end of 27th February 2024. 

The details of whether you have got the allotment or not can be checked using the allotment checking modus operandi explained above. You just need to wait for the basis of allotment to be finalized on 27th February 2024, before arriving at any conclusions. The stock of GPT Healthcare Ltd  will appear in the demat account (if allotted) under ISIN Number (INE486R01017).