Petro Carbon IPO Allotment Status

How to check  Petro Carbon IPO allotment status

How to check the IPO allotment status. Since this is an NSE-SME IPO, you cannot check the allotment status on the BSE website. You can only check on the registrar website. Remember, the BSE only offers allotment status update on its website for mainboard IPOs and for NSE SME IPOs.

If you have applied for the IPO, you can either check your allotment status on the NSE website (being an NSE-SME IPO) after logging in or on the website of the IPO registrar, Bigshare Services Private Limited. You can also use a broker link; in case your broker is giving such a direct linkage. Here are the steps that you need to follow to check allotment status. Let us see how to check allotment status on the Registrar Website.

Checking Petro Carbon IPO allotment status on Bigshare Services Private

Visit the Bigshare Services registrar website for Petro Carbon IPO allotment status by clicking on the link below:

https://www.bigshareonline.com/ipo_Allotment.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 Bigshare Services Private Ltd by clicking on the IPO Allotment Status link displayed prominently on the home page. It all works the same, and leads you to the same landing page.

Once you enter the IPO allotment status check landing page of Bigshare Services Private Ltd, you are given the choice to select from 3 servers viz. Server 1, Server 2, and Server 3. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select; the output would still be the same. This is just a method to share the server load during peak access times.

What to do, once you reach the landing page?

When you go to the landing page, you will have to select the name of the company first. This company dropdown list will only show the active IPOs, so once the allotment status is finalized, you can select Petro Carbon and Chemicals  from the dropdown box. The basis of allotment in this case will be finalized on 28th June 2024, so you will be able to access the details on the registrar website either late on 28th June 2024 or by middle of 29th June 2024. Once the company is selected from the dropdown box, you have 3 methods to check the allotment status for the IPO.

•    Firstly, you can access the allotment status using Application Number / CAF Number. The CAF is short for Composite Application Form and it is available on the acknowledgement slip given to you when you submit the IPO application. 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. Before you see the output, you will be asked to enter a 6-digit Captcha code as given. In case, it is not clear, you can toggle for more options. The numeric captcha is to ensure that the person accessing the allotment status is a human being and not a bulk robotic access. 

•    The second option is that you can search by Beneficiary ID of your demat account. From the dropdown box, you must first select the depository name where your demat account is held i.e., NSDL or CDSL. In the case of NSDL, enter the DP id and Client id in separate boxes as provided. NSDL will be an alphanumeric code. 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 both cases. Before you see the output, you will be asked to enter a 6-digit numeric Captcha code as given. In case, it is not clear, you can toggle for more options. The captcha is to ensure that the person accessing the allotment status is a human being and not a robot.

•    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. Remember, in a PAN, the first to fifth and the tenth character are alphabets while the sixth to ninth character are numeric characters. 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. Once again, before you see the output, you will be asked to enter a 6-digit numeric Captcha code as given. In case, if it is not clear, you can toggle for more options. 

The IPO status with number of shares of Petro Carbon and Chemicals allotted will be displayed on the screen. You can save a screenshot of the output page for future reference. You can verify the demat credit by the close of 01st July 2024, or later bearing ISIN (INE998U01015). In case of any complaints or queries, you can email to info@bigshareonline.com or call 022-6263-8200.

IPO allocation and subscriptions: why they matter to allotment status

The table below captures the break-up of the overall share allocation to QIBs, retail investors and to the HNI / NII investors. The anchor allotment is carved out of the QIB quota and the QIB quota is reduced accordingly. The market maker allocation is the inventory that will be used by the market maker to provide liquidity in the counter post listing, to keep the bid-ask spreads low and reduce the risks of trading in the stock. The company has appointed Giriraj Stock Broking Private Ltd as the market maker and assigned a market making inventory of 4,30,400 shares to them. The market maker will use this inventory to offer buy and sell quotes to keep the counter liquid and reduce the basis risk on the stock post listing.

Data Source: Company RHP

The issue size, net of the market maker quota, has been divided between the QIB investors, retail investors and the HNI / NII investors. On June 24, 2024, the company made an anchor allocation of 18,55,200 shares to anchor investors at the upper band price of ₹171 per share. This included the par value of ₹10 per share and premium of ₹161 per share. The total size of the anchor allocation was ₹31.72 crore. Let us turn to the subscriptions.

Data Source: NSE

The response to the Petro Carbon IPO was fairly strong and it was subscribed by 92.16X overall at the close of bidding on 27th June 2024 with the HNI / NII segment seeing 130.40 times subscription, and the Retail portion seeing 74.43 times subscription. Even the dedicated QIB quota got very strong subscriptions at 94.49 times the allocated quota.

The table above captures the overall allocation of shares with the oversubscription details as of the close of the IPO on 27th June 2024. The IPO was kept open for a period of 3 trading days. In the above case, the subscription is extremely robust and strong for retail and HNI / NII, and that largely makes the chances of allotment in the IPO relatively lower. This subscription is at par with the median subscription that NSE-SME IPOs generally get to see. However, it is best to wait for the basis of allotment to be finalized on June 28, 2024 before taking a call.

Next steps in the Petro Carbon IPO

The issue opened for subscription on 25th June 2024 and closed for subscription on 27th June 2024 (both days inclusive). The basis of allotment will be finalized on 28th June 2024 and the refunds will be initiated on 01st July 2024. In addition, the demat credits are expected to also happen on 01st July 2024 and the stock will list on 02nd July 2024 on the NSE SME IPO segment. The credits to the demat account to the extent of shares allotted will happen by the close of 01st July 2024 under ISIN (INE998U01015).

Investors would do well to remember that the level of subscription is very material as it determines the chances of getting allotment. Normally, higher the subscription ratio, lower the chances of allotment and vice versa. In this case, the subscription levels have been very high 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 allotment is finalized.

About the Petro Carbon IPO

The stock of Petro Carbon and Chemicals has a face value of ₹10 per share and it is a book built issue. The book building price band for the IPO has been set in the range of ₹162 per share to ₹171 per share. Being a book built IPO, the final price discovery will happen in the above price band only. The Petro Carbon IPO has only an offer for sale (OFS) component and no fresh issue portion.

While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the offer for sale (OFS) portion of the IPO, Petro Carbon and Chemicals will sell / offer a total of 66,17,600 shares (66.176 lakh shares), which at the upper band IPO price of ₹171 per share aggregates to an OFS size of ₹113.16 crore. The entire OFS size of 66.176 shares is being offered by the promoter shareholders. Since there is no fresh issue at all, the OFS will also double as the overall issue. Therefore, the overall IPO size will also comprise of the sale / offer of 66,17,600 shares (66.176 lakh shares) which at the upper band IPO price of ₹171 per share aggregates to overall IPO size of ₹113.16 crore.

Like every SME IPO, this issue also has a market making portion. Giriraj Stock Broking Private Ltd will be the market maker to the issue and the market maker quota will be 4,30,400 shares. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Kishor Kumar Atha, Dilip Kumar Atha, Gaurav Atha, Vishal Atha, and Bharat Atha.

The promoter holding in the company currently stands at 100.00%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 73.21%, since promoters are offering  The entire issue is an offer for sale and hence there is no fresh funds coming into the company. Hence, the question of utilization of funds does not arise. GYR Capital Advisors Private Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is yet to be announced by the company. The IPO of Petro Carbon and Chemicals will be listed on the SME IPO segment of the NSE.