Radiowalla Network IPO Allotment Status

Building blocks of the Radiowalla Network Limited IPO

Radiowalla IPO, book built issue worth Rs 14.25 crores, comprises entirely of fresh issue of 18.75 lakh shares. Upcoming IPO subscription for commenced on March 27, 2024, & concludes today, April 2, 2024. Allotment for IPO is anticipated to be finalized on Wednesday, April 3, 2024. Radiowalla IPO is slated to list on NSE SME with tentative listing date set for Friday, April 5, 2024.

Radiowalla IPO price band for is fixed at ₹72 to ₹76 per share. minimum lot size for application is 1600 Shares. Retail investors are required to invest minimum amount of ₹121,600. For HNIs, minimum lot size investment is 2 lots (3,200 shares), amounting to ₹243,200. Radiowalla IPO’s book running lead manager is Narnoli Financial Services Ltd, while Maashitla Securities Private Limited is registrar for issue. Market maker for Radiowalla IPO are Ss Corporate Securities & Prabhat Financial Services.

How to check allotment status of Radiowalla Network Limited IPO?

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 only on the website of the IPO registrar, Maashitla Securities Private Limited. Alternatively, if your broker provides you a link to access the allotment status, you can do the same. Here are the steps that you need to follow to check allotment status on the website of the IPO registrar, Maashitla Securities Private Limited. The same can typically checked once the basis of allotment is finalized in this case, which will be late on April 3, 2024.

Checking the allotment status on Maashitla Securities Private Limited (Registrar to IPO)

Visit the Maashitla Securities Private Limited registrar website for checking the IPO allotment status by clicking on the link below:

https://www.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 also a way to access this page via the home page of Maashitla Securities Private Limited by clicking on the IPO Allotment Status link displayed prominently on the home page. It all works the same.
Once you go to the main allotment status page of Maashitla Securities Private Limited the investors have 2 options. They can either query for the IPO allotment status based on the Application Number or on the basis of a combination of DP ID and Client ID. Here is how you can go about both these options.

•    To Query by Application Number, click on the “Search on Application No.” hyperlink. This will take you to a fresh page with a box provided to input the application number. Here is what needs to be done.

o    Enter the Application Number as it is
o    Enter the 6-digit Captcha Code
o    Click on Submit button
o    Allotment Status gets displayed on screen showing number of shares allotted

•    To Query by DP-ID, click on the “Search on DP-id/Client id” hyperlink. This will take you to a fresh page with 2 boxes provided to input the DP ID and the Client ID in that order. Here is what needs to be done.

o    Enter the DP-ID
o    Enter the Client-ID
o    Enter the 6-digit Captcha Code
o    Click on Submit button
o    Allotment Status gets displayed on screen showing number of shares allotted

Maashitla Securities Private Limited offers you the facility to toggle between the two search options of application number and DP id, without going back to the main page. It is a good idea to take  a screenshot of the final output for your records and also for reconciliation with the demat account on the demat allotment date.

There are some basic rules to remember here. The basis of allotment is being finalized on April 3, 2024, so the investors would be able to access the online allotment status facility, either late on April 3, 2024 or by the middle of April 3, 2024. Once you get the online output, you can save a screenshot of the same, so that the same can be later reconciled with the demat credit on April 4, 2024 or later. It would appear on the demat account with ISIN Number.

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 in the IPO of Radiowalla Network Limited at the close of the IPO on April 2, 2024.

Subscription data for Radiowalla IPO reflects robust investor interest across all categories, indicating strong demand for company's shares. IPO garnered remarkable subscription rate of 307.54 times, indicating significant oversubscription & high investor demand. Retail category witnessed highest oversubscription at 353.88 times, demonstrating strong participation from individual investors.

Institutional investors showed considerable interest, with QIB segment oversubscribed by 87.96 times. High-net-worth individuals & other non-institutional investors displayed exceptional demand, resulting in oversubscription rate of 491.86 times.

Significant oversubscription across all investor categories reflects positive market sentiment towards Radiowalla's IPO & broader IPO market. Strong demand may lead to upward pressure on IPO price, potentially resulting in higher valuation for Radiowalla. Investors should assess whether IPO price aligns with company's fundamentals. 
Here is final subscription status of Radiowalla's IPO as at close on 02nd April 2024.

To sum it up, the subscription is way above modest, so the chances of allotment in the IPO would be relatively higher. This applies to the retail portion and also to the HNI / NII portion; as the subscription is very robust in both the categories.

Next steps in the IPO of Radiowalla's IPO

With the IPO of Radiowalla's IPO closed for subscription at the end of April 2, 2024, the next piece of action shifts to the finalization of the basis of allotment and later to the listing of the IPO. The basis of allotment will be finalized on April 3, 2024 while the refunds would be initiated on April 4, 2024. The shares of Radiowalla's Ltd would be credited to the demat accounts of eligible shareholders by the close of April 4, 2024 while the stock of Radiowalla's Ltd is expected to be listed on April 5, 2024. The listing will happen on the NSE SME segment for small companies, which is distinct from the regular mainboard IPO space.

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 modest 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.