Resourceful Automobile IPO allotment likely today after over 400x subscription; how to check status?

The allotment of shares to investors who placed bids in the initial public offering (IPO) launched by Resourceful Automobile is expected on Tuesday, August 27.

The public offer received bids for a total of 40.76 crore shares, as against 9.73 lakh shares on offer, as per the data available with the exchanges.

The subscription rate was higher among retail investors, who booked nearly 500 times their allotted portion. They submitted bids for 24,14,62,800 shares as against 4,86,600 reserved for them.

How to check share allotment status?

• Log on to the BSE website using this link: https://www.bseindia.com/investors/appli_check.aspx
• Select the issue type as Equity
• Select Resourceful Automobile from the drop-down menu.
• Enter your PAN details and the captcha.
• Click on the search button

IPO details

Resourceful Automobile's IPO was a fixed-price issue that aimed to raise a total of ₹11.99 crore. The offer comprised only a fresh issuance of 10.25 lakh shares, with no offer-for-sale (OFS) component.

Shares were offered at fixed price band of ₹117 apiece. The minimum bid quantity, or lot size, for an application was 1,200 shares. This aggregated into a minimum investment amount of ₹1.4 lakh for retail investors, and ₹2.8 lakh for high net-worth investors who need to mandatorily bid for a minimum of 2 lots (2,400 shares).

The company appointed Swastika Investmart Ltd as the book-running lead manager of the IPO, while Cameo Corporate Services Ltd is the registrar for the issue.

The proceeds from the fresh issue will be utilised by Resourceful Automobile to carry out the expansion of the company by opening new showrooms in Delhi-NCR. A portion of the funds will also be used to repay debt and to meet incremental working capital requirements.

The company will allocate some funds for general corporate purposes and to meet public issue expenses.

About Resourceful Automobile

The company, founded in 2018, serves as a premier dealership specialising in Yamaha two-wheelers and trades under the name ‘Sawhney Automobile’.

At present, the company has two conceptual showrooms with an attached workshop. The Blue Square showroom in Dwarka, New Delhi, showcases the entire range of Yamaha two-wheelers, apparel, and accessories.

In the 11 months ended February 2024 of financial year 2023-24, Resourceful Automobile reported revenue of ₹17.24 crore compared with ₹19.4 crore for the full financial year 2022-23. Its profit after tax during the 11 months of FY24 stood at ₹1.5 crore compared with a profit of ₹41.5 lakh in full FY23.