Desco Infratech IPO allotment: How to check status online on BSE, Bigshare Services

Desco Infratech IPO allotment: Infrastructure and management services provider Desco Infratech Ltd is expected to finalise the share allotment on Thursday, March 27, following the successful close of its initial public offering.

The company launched its SME IPO on March 24 on the BSE to raise ₹30.75 crore from public investors. The IPO received strong demand from investors as it was fully booked within hours of the launch on Monday. The issue closed on Wednesday, March 26, with an impressive oversubscription of nearly 78 times.

According to BSE data, the IPO received applications for more than 11.45 crore shares against 14.73 lakh shares on offer, reflecting an overall subscription of 77.74 times.

The non-institutional investors (NIIs) led the bidding by subscribing their category 171.28 times. The NIIs placed bids for over 6.86 crore shares against 4.01 lakh shares on offer. The retail portion of the IPO was booked more than 50 times with bids for 3.47 crore shares against the allocation of 6.86 lakh shares. The Qualified Institutional Buyers (QIBs) submitted bids for 1.11 crore shares against the quota of 3.86 lakh shares, leading to a subscription of nearly 29 times.

Investors can check the allotment status on the websites of the issue registrar, Bigshare Services Pvt Ltd, and the BSE.

Steps to check Desco Infratech IPO allotment status on Bigshare Services

• Go to Bigshare Services Pvt Ltd's IPO allotment status page: www.bigshareonline.com/ipo_Allotment.html
• Select any server from the three options
• Click on Desco Infratech Ltd from the list
• Enter any of these— Application number, beneficiary ID, or PAN
• Complete the 'captcha' to verify
• Click the ‘Search’ button to check the allotment status

How to check Desco Infratech IPO allotment status online on BSE

• Open BSE IPO application status page: https://www.bseindia.com/investors/appli_check.aspx
• Select ‘Equity’ from two given options
• Select Desco Infratech Ltd from the list
• Enter PAN details or application number
• Submit to check details

Desco Infratech Ltd IPO Details

• The ₹30.75-crore Desco Infratech Ltd IPO comprises a fresh issue of 20.5 lakh shares and no OFS component.
• Desco Infratech IPO was open for subscription from March 24 to March 26.
• The price band was ₹147 to ₹150 per share for the IPO.
• The minimum lot size was 1,000 shares, and the minimum investment was ₹1,50,000 at the upper price band for retail investors.
• Desco Infratech will credit shares to Demat accounts on Friday, March 28; refunds for unsuccessful investors will be issued on the same day.
• The tentative date for the listing of Desco Infratech IPO on the BSE SME platform is April 1.

Desco Infratech IPO objects

Desco Infratech provides infrastructure and maintenance services related to city gas distribution, water, power and renewable energy sectors in the country.

In the city gas distribution segment, the company offers services like pipeline laying, installation, testing and commissioning for PNG utilized by commercial and domestic users. The company undertakes water distribution projects and other associated work such as open wells, sump wells, overhead tanks and well systems.

In the power division, it offers EPC services for installation, connectivity and commissioning of Low Tension (LT) and High Tension (HT) cables.

Desco Infratech has proposed to utilise IPO proceeds to set up a corporate office in Surat and to buy machines and equipment. The company would utilise ₹1.04 crore for setting up its corporate office in Surat. A sum of ₹1.68 crore would be used for capital expenditure towards the purchase of machinery and ₹18 crore for meeting working capital requirements.

Desco Infratech Financials

The company reported a profit after tax of ₹3.38 crore for the April-September period of FY 2024-25. Its revenue stood at ₹22.63 crore in the six-month period.

Desco Infratech reported a revenue of ₹29.49 crore in FY 2023-24 compared to ₹29.28 crore in FY 2022-23. Its profit after tax rose to ₹3.46 crore in FY24 from ₹1.23 crore in the preceding fiscal.

Desco Infratech key performance indicators (As of September 30, 2024)