Shares of Beacon Trusteeship were quoting at Rs 94.50 on the NSE, a premium of 57.50% compared with the issue price of Rs 60.
The scrip was listed at Rs 90, a premium of 50% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 94.50 and a low of Rs 85.60. About 22 lakh shares of the company changed hands at the counter.
Beacon Trusteeship's IPO was subscribed 435.08 times. The issue opened for bidding on 28 May 2024 and it closed on 30 May 2024. The price band of the IPO was fixed between at Rs 57 to Rs 60 per share.
The IPO comprised fresh issue of 38,72,000 equity shares. The promoter and promoter group shareholding diluted to 46.14% from 67.88% pre-offer.
The issue size comprised of fresh issue of 38,72,000 and offer for sale (OFS) of 15,48,000 shares by existing shareholders.
The company intends to utilise the net proceeds for building up technology infrastructure for its existing business, investment in wholly owned subsidiary (Beacon Investor), to commence the services of depository participant and registrar & share transfer agent, purchase of new office premises and for general corporate purpose.
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Ahead of the IPO, Beacon Trusteeship on 27 May 2024, raised Rs 9.25 crore from anchor investors. The board allotted 15.42 lakh shares at Rs 60 per share to 9 anchor investor.
Beacon Trusteeship is a SEBI registered Debenture Trustee, offering a wide range of trusteeship services across various sectors. It provide services such as Debenture Trustee Services, Security Trustee Services, Trustee to Alternate Investment Fund (AIF), Trustee to ESOP, Securitization Trustee, Bond Trusteeship Services, Escrow Services, Safe keeping, and other allied services. The company is currently managed by group of professionals having extensive experience in the field of Investment Banking, Finance, Debt Syndication, and financial services. Its role as a trustee is to act as an intermediary between issuer companies and investors, ensuring due diligence, custodial services, monitoring compliance, documentation, disclosures, and record keeping. As on 31 March 2024, the company has total strength of 76 employees.
The company recorded revenue from operations of Rs 19.91 crore and net profit of Rs 5.16 crore for the period as on 31 March 2024.
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