Denta Water IPO allotment still not out; investors worry as less than 24 hours to go for stock listing

Worried applicants of Denta Water and Infra Solutions IPO took social media platforms to cuss and criticize over the allotment status of the issue, which has not been updated on the website of the registrar- Integrated Registry Management Services. On the other hand, the IPO status should have been finalized and updated by today that Tuesday, January 29, 2025.

Agitated applicants have been tagging the capital market regulator Sebi, exchanges (BSE & NSE) along with the Integrated Registry Management Services for the delayed allotment status for the Denta Water and Infra Solutions IPO. To recall, there is less than 24 hours left for the listing of the company, which is scheduled to make its debut on Wednesday, January 29.

Users are questioning the authenticity of the registrar, beside raising their voice on the Sebi norms for allotment and listing. SMC Capitals is the book running lead manager of the Denta Water and Infra Solutions IPO. Shares of the company shall be listed on both BSE and NSE.

The delayed allotment and sell-off in the broader markets has dented the grey market premium for the company. Last heard, the company was commanding a GMP of Rs 70-75 apiece, indicating a 25 per cent listing pop for the investors. However, the GMP stood at Rs 120 on the last day of the bidding, while it stood at Rs 165 before the issue opened for bidding.

The IPO of Bengaluru-based Denta Water and Infra Solutions sold its shares in the price band of Rs 279-294 per share with a lot size of 50 shares bidding between January 22 and January 24. The company raised a total of Rs 220.50 crore via IPO, which was entirely a fresh share sale of up to 75,00,000 equity shares.

The issue was overall subscribed a solid 221.68 times, attracting bids for about Rs 34,200 crore. The allocation for the non-institutional investors (NIIs) was subscribed a stellar 507.27 times. The portion reserved for qualified institutional bidders (QIBs) was booked 236.94 times. However, the portion allocated for retail investors was subscribed 90.56 times.

Incorporated in 2016, Bengaluru-based Denta Water and Infra Solutions is a growing water and infrastructure solutions company engaged in designing, installing, and commissioning water management infrastructure projects with expertise in groundwater recharge projects. The company has experience in water engineering and EPC services