Beacon Trusteeship IPO
Beacon Trusteeship IPO: The IPO of veteran debenture trustee Beacon Trusteeship Limited is going to open from May 28.
The company intends to raise Rs 32.52 crore. The price band for the issue has been fixed at Rs 57-60 per share and the lot size is 2000 shares. There will be time till May 30 to invest money in IPO.
Anchor investors will be able to bid on May 27. Listing of shares can happen on NSE SME on June 4.
Beeline Capital Advisors Pvt Ltd is the book running lead manager to the issue. Kfin Technologies Limited is the registrar.
38.72 lakh new shares worth Rs 23.23 crore will be issued in the Beacon Trusteeship IPO.
There will also be an offer for sale (OFS) of 15.48 lakh shares worth Rs 9.29 crore. Those selling shares in the OFS include Prasana Analytics Private Limited and Kaustubh Kiran Kulkarni.
Reserve portion of Beacon Trusteeship IPO
50 per cent of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors.
Started in 2015, Beacon Trusteeship provides trustee services in various sectors like Debenture Trustee Services, Security Trustee Services, Trustee to Alternate
Investment Fund, Trustee to ESOP, Securitization Trustee, Bond Trusteeship Services, Escrow Services, Safekeeping and other related services.
How will the IPO money be used?
Of the amount raised by issuing new shares in the IPO, the company will use Rs 7 crore to build technology infrastructure for the existing business.
It is proposed to invest Rs 6.99 crore in Beacon Investor Holdings, the company's arm to start the services of Depository Participant, Registrar and Share Transfer Agent and Rs 3.25 crore to purchase new office premises in Borivali, Mumbai. Apart from this, a part of the funds will be used for general company functioning.
Financial status of Beacon Trusteeship
Talking about the financial position, the company had earned a revenue of Rs 19.92 crore in the financial year 2023-24.
The net profit during this period was Rs 5.16 crore. In the financial year 2022-23, the revenue was Rs 14.81 crore and the net profit was Rs 3.84 crore.
According to investorgain.com, even before the issue opens, the company's shares are trading in the gray market at a premium of Rs 10 to Rs 10 or 16.67 percent in the upper price band.