MV Electrosystems IPO GMP tanks — How to check allotment status on NSE, BSE; odds below 1%

MV Electrosystems is likely to finalize the basis of allotment of its shares on Tuesday, August 04. Applicant bidders will get the messages, alerts or emails for debit of their funds latest by Wednesday, August 05. The electrical & power electronics equipment maker saw a bumper response from the investors during the three day bidding period.

The IPO of MV Electrosystems was open for bidding between July 30 and August 04. It had offered its shares in the price band of Rs 400-425 per share with a lot size of 34 shares. The company eyed to raise a total of Rs 290 crore via IPO, which was entirely a fresh share sale of up to 68,23,528 crore equity shares.

The issue was overall subscribed a whopping 188.85 times with nearly 37.77 lakh applications, fetching bids for over Rs 32,000 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 90.47 times. The quotas for non-institutional investors (NIIs) and retail bidders were booked at 374.58 times and 205.42 times, respectively.

Based on the bidding, here are the odds of allotment for IPO of MV Electrosystems:

• Big HNI category: 1 investor out of 82 investors will get 476 shares (Probability: 1.21 per cent)
• Small HNI category: 1 investor out of 337 investors will get 476 shares (Probability: 0.30 per cent)
• Retail category: 1 investor out of 167 investors will get 34 shares. (Probability: 0.59 per cent)

The grey market premium (GMP) of MV Electrosystems has seen a sharp recovery despite muted bidding as the sentiments in the broader markets improve. Last heard, it was commanding a premium of Rs 100 per share, suggesting a listing pop of 23-24 per cent for the investors. Its GMP stood around Rs 120-130 apiece, during the bidding period.

Incorporated in 2009, Faridabad-based MV Electrosystems is engaged in engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock including IGBT based 3-Phase Drive Propulsion equipment for electric locomotives, switchgear panels for railway coaches & EMU’s, cable protection and others.

Sundae Capital Advisors is the sole book running lead manager of MV Electrosystems IPO and Kfin Technologies Ltd is the registrar of the issue. Refund of the bidding amount shall be done on Wednesday, August 05. Shares of the company shall be listed on both BSE Ltd and NSE.

Investors, who had bid for the issue of MV Electrosystems, can check the allotment status on the Bombay Stock Exchange (BSE) website:

• Visit https://www.bseindia.com/investors/appli_check.aspx
• Under the issue type, click Equity
• Under the issue name, select MV Electrosystems Limited in the dropbox
• Write the application number
• Add the PAN card ID
• Click on 'I am not a Robot' and hit search button

Similarly, one can also check the allotment status on NSE website also (https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids)

• Select ‘Equity & SME IPO Bid details’.
• Under ‘Select Symbol’, choose ‘MVELECTRO’.
• Put in your PAN No. and Application No.
• Click on ‘Submit’ to proceed.

Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

• Go to the web portal of KFin Technologies Limited
• Select the IPO in dropbox whose name will be populated only if the allotment is finalized
• You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
• In application type, select between ASBA and non-ASBA
• Enter the details of the mode you selected in Step 2
• For security purposes, fill the captcha accurately
• Hit submit.