Beacon Trusteeship IPO Oversubscribed Nearly 29 Times; To List At BSE-SME Platform

New Delhi, May 29 (KNN) The initial public offering (IPO) of Beacon Trusteeship Limited, a SEBI-registered debenture trustee company, witnessed robust investor demand, with the issue being oversubscribed by nearly 29 times as of the closing of bidding on Tuesday, May 28, 2024.

According to data from the National Stock Exchange (NSE), the company received bids for 11,20,66,000 equity shares against the 38,72,000 shares on offer, resulting in a subscription level of 28.94 times.

The three-day IPO opened for bidding on Tuesday, May 28, and is scheduled to close on Thursday, May 30.

The price band for the public issue has been fixed at Rs 57 to 60 per equity share, with a minimum order quantity of 2,000 shares. Upon listing, the company's equity shares will be traded on the NSE's SME platform.

The public issue comprises a fresh issue of 38,72,000 equity shares by the company. Post-issue, the promoter and promoter group shareholding in Beacon Trusteeship is expected to dilute from 67.88 per cent to 46.14 per cent.

Beacon Trusteeship intends to utilise the net proceeds from the IPO for building its technology infrastructure, investing in its wholly-owned subsidiary Beacon Investor to commence depository participant and registrar & share transfer agent services, purchasing new office premises, and general corporate purposes.

Ahead of the public offer, the company raised Rs 9.25 crore from anchor investors on May 27, 2024, by allotting 15.42 lakh equity shares at the upper end of the price band of Rs 60 per share.

Established as a provider of debenture trusteeship services across various sectors, Beacon Trusteeship also offers security trustee services, serves as a trustee for alternative investment funds (AIFs) and employee stock ownership plans (ESOPs), and provides securitisation trusteeship, bond trusteeship, escrow services, and safekeeping services.

As of March 31, 2024, the company employed 76 professionals with extensive experience in investment banking, finance, debt syndication, and financial services.

(KNN Bureau)