Beacon Trusteeship shares had a fantastic start on the NSE SME, opening at ₹90, which is 50% above the issue price of ₹60. The shares quickly hit a 5% upper circuit limit due to high demand.
The Beacon Trusteeship IPO was open for subscription from May 28 to May 30, with a price band set at ₹60 per share. Investors had to buy at least 2,000 shares. The IPO was hugely popular, being oversubscribed 465.20 times on the final day.
Established in 2015, Beacon Trusteeship offers various trustee services including bond and debenture trusteeship, escrow services, and monitoring services. It also manages employee stock purchase plans, alternative investment funds, and securitization.
The IPO aimed to raise ₹32.52 crore, including a fresh issue of 3,872,000 shares and an offer-for-sale of 1,548,000 shares. The funds will be used to upgrade technology, acquire Beacon RTA Services, buy new office space, and for general corporate purposes.
Beeline Capital Advisors Pvt Ltd managed the IPO, and Kfin Technologies Limited was the registrar. Spread X Securities is the market maker for the IPO.
On the grey market, Beacon IPO had a premium of ₹72, suggesting a potential listing price of ₹132, which is 120% higher than the issue price.
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