Shivalic Power Controls IPO Subscription Status

Shivalic Power Controls IPO - Day-3 Subscription at 257.43 times

As of 6.56 pm on 26th June 2024, out of the 42.672 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Shivalic Power Controls saw bids for 10,984.99 lakh shares. This implies an overall subscription of 257.43X at a macro level at the close of Day-3 of the IPO. The granular break-up of subscriptions as of the close of Day-3 of the Shivalic Power Controls IPO was as under:

The subscriptions were led by the HNI / NII investors followed by the Retail investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that was the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is updated as of the end of Day-3 of the IPO. The IPO has closed for subscription and the table above depicts the final subscription numbers for the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Shivalic Power Controls 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 ₹95 per share to ₹100 per share. The issue closes for subscription on 26th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0T7B01010).

Shivalic Power Controls IPO - Day-2 Subscription at 44.14 times

As of 5.22 pm on 25th June 2024, out of the 42.672 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Shivalic Power Controls saw bids for 1,883.64 lakh shares. This implies an overall subscription of 44.14X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of Day-2 of the Shivalic Power Controls IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Shivalic Power Controls 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 ₹95 per share to ₹100 per share. The issue closes for subscription on 26th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0T7B01010).

Shivalic Power Controls IPO - Day-1 Subscription at 44.14 times

As of 5.22 pm on 25th June 2024, out of the 42.672 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Shivalic Power Controls saw bids for 1,883.64 lakh shares. This implies an overall subscription of 44.14X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of Day-1 of the Shivalic Power Controls IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

The stock of Shivalic Power Controls 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 ₹95 per share to ₹100 per share. The issue closes for subscription on 26th June 2024 and the credits to the demat account to the extent of shares allotted will happen by the close of 28th June 2024 under ISIN (INE0T7B01010).

Shivalic Power Controls IPO (Day-1 Subscription at 8.40 times)

As of 5.10 pm on 24th June 2024, out of the 42.672 lakh shares on offer in the IPO (excluding the market maker portion and the anchor allocation done), Shivalic Power Controls saw bids for 358.332 lakh shares. This implies an overall subscription of 8.40X at a macro level at the close of Day-1 of the IPO. The granular break-up of subscriptions as of the close of Day-1 of the Shivalic Power Controls IPO was as under:

The subscriptions were led by the retail investors followed by the HNI / NII investors and then by the QIB investors in that order. The QIB quota and the NII / HNI will typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of the HNI / NII bids and the QIB bids. The NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the large HNI bids come in. Even the institutional bids come in on the last day in the first half. Here are the details of the category-wise subscription. The overall subscription ratio calculation excludes anchor portion and also the market making portion in the IPO.

Data Source: NSE

The IPO is open up to June 26, 2024, at which point we will know the final subscription status of the IPO. As of today, the status is only updated as of the end of Day-1 of the IPO. The QIB and the HNI / NII categories see the best momentum coming only on the last and final day of the IPO, while the retail investors predominate on the first two days of the IPO. The market maker portion and anchor quota are excluded for the purpose of calculating the number of times subscription to get a realistic picture of the IPO subscription story.

Shivalic Power Controls IPO – Share Allocation Across Categories

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 SS Corporate Securities Ltd as the market maker and assigned a market making inventory of 3,36,000 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 21, 2024, the company made an anchor allocation of 18,28,800 shares to anchor investors at a price of ₹100 per share. This included the par value of ₹10 per share and premium of ₹90 per share. The total size of the anchor allocation was ₹18.29 crore.

The anchor allocation was done across 7 anchor investors at the upper end of the price band at ₹100 per share with 4 anchor investors getting more than 10% of the anchor allocation each. These 4 major anchor investors included CVV Emerging Opportunities Fund (30.12%), Persistent Growth Fund – Varsu India (21.85%), Acintyo Investment Fund PCC (17.85%) and LC Radiance Fund VCC (10.96%). There were 3 other anchor investors allotted shares in the pre-IPO anchor bidding on June 21, 2024.

Out of the total anchor allocation of ₹18.29 crore, a total of 50% of the allocation will have a 1-month lock in up to July 27, 2024 and the balance 50% will have a 3-month lock-in up to September 25, 2024. The anchor portion was carved out of the QIB portion, as a result of which the QIB quota available in the IPO was reduced from 47.39% to 18.96%. The stock will list on the stock exchanges on the third working day after the closure of the IPO.

About Shivalic Power Controls IPO

The stock of Shivalic Power Controls 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 ₹95 per share to ₹100 per share. Being a book built IPO, the final price discovery will happen in the above price band only. The IPO of Shivalic Power Controls has only a fresh issue component and no offer for sale (OFS) 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 fresh issue portion of the IPO, Shivalic Power Controls will issue a total of 64,32,000 shares (64.32 lakh shares), which at the upper band IPO price of ₹100 per share aggregates to fresh fund raising of ₹64.32 crore. Since there is no OFS, the fresh issue size will also double as the overall issue. Therefore, the overall IPO size will also comprise of the issue of 64,32,000 shares (64.32 lakh shares) which at the upper band IPO price of ₹100 per share aggregates to overall IPO size of ₹64.32 crore.

Read more about Shivalic Power Controls IPO

Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 3,36,000 shares as quota for market inventory. SS Corporate Securities  Ltd has already been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Amit Kanwar Jindal and Sapna Jindal. The promoter holding in the company currently stands at 96.63%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 70.86%. The fresh issue funds will be used by the company for capex and working capital expenses, procurement of machinery, civil construction of warehouse, and to bankroll some of the inorganic growth plans through the M&L route. A small part of the IPO proceeds has also be set aside for general corporate purposes. Corporate Capitalventures Private Ltd will be the lead manager to the issue, and Skyline Financial Services Private Ltd will be the registrar to the issue. The market maker for the issue is SS Corporate Securities Ltd. The IPO of Shivalic Power Controls will be listed on the SME IPO segment of the NSE.

Next Steps in the Shivalic Power Controls IPO process

The issue opened for subscription on 24th June 2024 and closes for subscription on 26th June 2024 (both days inclusive). The basis of allotment will be finalized on 27th June 2024 and the refunds will be initiated on 28th June 2024. In addition, the demat credits are expected to also happen on 28th June 2024 and the stock will list on 01st 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 28th June 2024 under ISIN (INE0T7B01010).

Check Shivalic Power IPO allotment status