Identixweb IPO subscribed over 26 times on final day: Here’s how to check allotment status

The ₹16.63-crore initial public offering (IPO) of Identixweb Ltd ended today, March 28. The issue attracted strong bidding on the last day after seeing tepid demand on the first two days.

The IPO closed with an overall subscription of 26.22 times, with the company receiving bids for more than 5.37 crore shares compared to 20.5 lakh shares on offer.

The retail quota was booked 14.38 times, with the company receiving bids for 10.26 lakh shares as against more than1.47 crore shares reserved for the category. Meanwhile, the non-institutional investors’ (NIIs) segment was subscribed nearly 74 times with bids for around 3.25 crore shares against 4.4 lakh shares set aside for the category.

The Qualified Institutional Buyers (QIBs) booked their category 11.19 times with bids for over 65.36 lakh shares against 5.84 lakh shares on offer.

Bidders in the Identixweb IPO would now be waiting for the share allotment announcement expected to be finalised on Tuesday, April 1.

Investors can check the share allotment details online either on the BSE website or on the portal of the issue’s registrar Skyline Financial Services Pvt. Ltd.

How to check allotment status on the BSE

• Visit the BSE IPO allotment status page: https://bseindia.com/investors/appli_check.aspx.
• Select ‘Equity’ as the issue type.
• From the ‘Issue Name’ dropdown menu, select ‘Identixweb Ltd’.
• Identify yourself using either PAN details or IPO application number.
• Click on ‘I’m not a robot’ tab and press the ‘Search’ button to see the allotment details.

Steps to check allotment on Skyline Financial Services website

• Visit the official website of the issue registrar: http://skylinerta.com/display_ipo_rightissue_allotment.php
• Select the company name from the dropdown menu.
• Select whether you want to identify yourself using your demat account number or PAN number and share the account number details of the chosen option.
• Click on ‘Search’. You will be able to see the allotment details.

Identixweb IPO details

• The Identixweb IPO was a 100% book-built issue that aimed to raise ₹16.63 crore.
• The offer was made up entirely of a fresh issuance of 30.8 lakh shares of face value of ₹10 each.
• The company had fixed the price band of the issue at ₹51 to ₹54 per share. The lot size, or the minimum bid quantity to apply for the issue, was 2,000 shares.
• After the allotment is finalised today, successful bidders can expect the shares to be credited to their Demat accounts by April 2, with others receiving refunds on the same day.
• Identixweb shares are scheduled to list on the BSE SME platform on April 3.
• Identixweb appointed Beeline Capital Advisors Pvt. Ltd as the book-running lead manager of the IPO, while Skyline Financial Services Pvt. Ltd was the registrar for the issue.

Identixweb IPO: About the company

Established in 2017, Identixweb is a technology firm that offers software as a service (SAAS). Its offerings include services like web app development, e-commerce store development, UI/UX design, customised software development, website development, and support and maintenance, with a key focus on Shopify application development.

Identixweb has developed over 35 public Shopify apps with more than 50 professionals, serving industries like e-commerce, fintech, fashion, and SaaS. The firm has two subsidiaries: Identixweb LLC and Munim ERP Pvt. Ltd.

Identixweb had earlier announced that it planned to utilise the net proceeds from the IPO mainly for marketing, research and hiring new talent.

In its red herring prospectus (RHP) submitted to the Securities and Exchange Board of India (Sebi), the company proposed to use nearly ₹4.2 crore of the IPO proceeds for investment in market research and product development through talent hiring. It also proposed to use ₹4.15 crore for investment in the subsidiary for product development through talent hiring.

Another ₹2.5 crore was to be used for investment in marketing to support the organization’s growth plans in or outside India. And the remaining amount was to be used for general corporate purposes.

Identixweb IPO: Company financials

For the first six months of the current financial year, 2024-25 ended September 2024, Identixweb reported revenue of ₹4.79 crore and a profit after tax (PAT) of ₹2 crore.

For the previous financial year, 2023-24, the company reported a revenue of ₹6.66 crore compared with ₹6.27 crore in 2022-23. PAT had jumped significantly to ₹2.77 crore in FY24 compared with ₹1.35 crore in FY23.

Identixweb IPO: Key performance indicators (as of March 2024)