Pelatro IPO Day 1: NSE SME issue booked 53% so far; check price band and other key details

The initial public offering (IPO) of small and medium enterprise (SME) Pelatro Ltd, a marketing solutions provider, opened to a tepid response on Monday, September 16. The NSE SME IPO saw a slow start as the issue was booked at just 53% on day 1.

The NSE data showed that, as compared to the total 18,76,800 shares on offer, the IPO received 10.01 lakh shares until 4:35 p.m.

Retail individual investors applied for over 9.1 lakh shares against 9.13 lakh shares set aside for the category. The retail portion was booked 99%.

However, the Qualified Institutional Buyers (QIB) portion did not receive any application. The company has reserved 5,21,400 shares for the category. The IPO received bids for 12,000 shares in the employees’ category.

Pelatro IPO offer size, price band and other details

Pelatro Limited IPO is a 100% book-built issue aimed at raising ₹55.98 crore. The public offer is entirely a fresh issuance of 27.99 lakh shares, with no offer-for-sale (OFS) component.

Pelatro IPO price band has been fixed at ₹190 to ₹200 per share. The lot size for the issue is 600 shares for retail investors. This means that the investors need to bid for a minimum of 600 shares, or in multiples thereafter, aggregating to a minimum investment of ₹1.2 lakh. Meanwhile, the minimum investment for high networth individuals (HNIs) would be ₹2.4 lakh as they need to bid for a minimum of 2 lots (1,200 shares).

The Pelatro IPO will close for subscription on September 19. The share allotment status is expected to be finalised on September 20. Successful bidders who are allotted shares in the IPO can expect them to be credited to their Demat accounts by September 23. Refunds for the remaining bidders will be initiated on the same day. The Pelatro IPO stock is expected to be listed on the NSE Emerge platform on September 24.

Pelatro has appointed Cumulative Capital Pvt. Ltd as the book-running lead manager of the IPO, while Bigshare Services Pvt. Ltd is the registrar for the issue. The market maker is Shree Bahubali Stock Broking.

Ahead of the IPO's launch, Pelatro has also raised ₹15.64 crore from anchor investors. The company has allotted almost 7.82 lakh shares at an allocation price of ₹200 per share to five anchor investors.

Pelatro IPO objective

Pelatro intends to use the proceeds of the issue to fund capital expenditures for the purchase and installation of IT equipment, computer hardware, servers, and other ancillary equipment. It also plans to use part of the proceeds for investment in a subsidiary. The remaining amount would be used to fund the company's working capital needs and for general corporate purposes.

Founded in 2013, Pelatro Ltd offers a comprehensive customer engagement platform, mViva, that enables customer-centric interactions between companies or brands and their end users.

The company helps businesses to accurately understand their customers' behaviour and needs to improve interactions with end customers. The platform provides end-to-end capabilities and experiences, starting with data collection, analytics, intelligence gathering, audience selection, configuration, execution and reporting.

The company’s core product portfolio includes campaign management solutions, loyalty management solutions, lead management solutions, and data monetization solutions.

Pelatro’s revenue stood at ₹55.36 crore in FY 2023-24. However, it posted a net loss of ₹1.95 crore in FY24.