AccelerateBS India IPO: GMP, subscription status on day 4, and other key details
Digital technology services firm, AccelerateBS India’s initial public offering (IPO) commenced for public subscription on Thursday, July 6, and will conclude on Tuesday, July 11.
In its initial public offering, the company is selling shares for a set price of ₹90 each.
For both B2B and B2C businesses worldwide, AccelerateBS India provides IT services. These services include custom software development, consultancy, and DXP (Digital Experience Platforms) consulting and implementation services.
The AccelerateBS IPO comprises the sale of 6.32 lakh shares, bringing the issue size to a maximum of 5.69 crore. The IPO consists of a fresh issue of 188,800 shares worth up to ₹1.70 crore and an offer for sale (OFS) of 443,200 shares worth up to ₹3.99 crore.
The company’s promoters are Kunal Arvind Shah and Keyur Dipakkumar Shah. Following the IPO, the promoter stake will drop from 100% to 70.59%.
The company plans to use the net proceeds from the new issue to support general corporate needs and long-term working capital requirements.
The basis for allocation will likely be set on Friday, July 14, and refunds will likely start on Monday, July 17. On Tuesday, July 18, eligible allottees will likely see their shares credited to their demat accounts. On Wednesday, July 19, the shares of AccelerateBS India are expected to list on the BSE SME platform.
Shreni Shares Pvt Ltd is the lead manager for the IPO, while Bigshare Services Pvt Ltd is the IPO registrar.
The SME initial public offering (IPO) of AccelerateBS India Ltd was subscribed 47.81 times on day 4. The issue again received overwhelming response from retail investors who’s portion set was subscribed 56.47 times, followed by non-institutional bidders (NII) portion set was subscribed 39.15 times, according to data on chittorgarh.com.
The company has received bids for 2,86,11,200 shares against 632,000 shares on offer, at 15:56 IST, according to data on chittorgarh.com.
On day 1 the issue was subscribed 1.59 times and on day 2 it was subscribed 3.93 times.
AccelerateBS India IPO: GMP, subscription status on day 3, and other key details
AccelerateBS India Ltd IPO GMP details:
The AccelerateBS India GMP or grey market premium is +10. This indicates that the shares of AccelerateBS India were trading at a premium of ₹10 in the grey market on Tuesday, according to topsharebrokers.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of AccelerateBS India share is ₹100 apiece, which is 11.11% higher than the IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Updated: 11 Jul 2023, 04:02 PM IST