Resourceful Automobile IPO allotment to be finalised today: Here’s how to check your status. A step-by-step guide

The allotment for the Resourceful Automobile IPO, which has been in the headlines due to its whopping subscription rate, is scheduled to be finalised today. Investors can check their allotment status via the registrar, Cameo Corporate Services, or the BSE website.

The IPO, which ran from August 22 to August 24, saw a strong response from all sections of investors. The IPO price was set at ₹117 per share.

Due to the oversubscription in the retail category, shares will be allocated to retail individual investors (RIIs) on a proportional basis. Resourceful Automobile will start the refund process for the application money on August 28, 2024, for those who do not receive an allotment.

Allotted shares will be credited to investors' demat accounts on the same day as the refund process. Resourceful Automobile is an SME IPO, with shares scheduled to be listed on the BSE SME platform tentatively on August 29, 2024.

Resourceful Automobile IPO Allotment Status

Step 1: Visit the IPO registrar website at this link: https://ipo.cameoindia.com/

Step 2: Choose Resourceful Automobile from the Select Company drop-down menu

Step 3: Select among DP-ID, Application No, or PAN in the Type selection box.

Step 4: Enter the details as per option selected

Step 5: Enter the Captcha code and click on ‘Submit’

Your Resourceful Automobile IPO allotment status will be displayed on the screen.

Steps to check the IPO allotment on the BSE website

Step 1: Visit the allotment page on BSE's official website: https://www.bseindia.com/investors/appli_check.aspx

Step 2: Under ‘Issue Type’, select ‘Equity’

Step 3: Choose the IPO from the drop-down option under ‘Issue Name’.

Step 4: Enter the PAN or application number.

Step 5: Click  ‘I am not a robot’ to confirm your identity, then hit the ‘Submit’ button.

The allotment status will appear on your screen.

GMP signals bumper listing

Today, the GMP for Resourceful Automobile IPO is ₹90 per share, indicating that the shares are expected to list at ₹90 above their issue price. Based on this GMP and the IPO price, the estimated listing price of the shares is ₹207, representing a 77 percent premium over the issue price of ₹117 per share.

The grey market premium is the difference between an IPO’s issue price and its expected listing price in the unofficial market, reflecting investor sentiment and demand before the stock officially begins trading.

It is important to note that GMP is only a preliminary indicator of the listing price and should not be used as the sole basis for investment decisions.

Stellar response

The SME IPO received total bids for 40,76,48,400 shares, compared to the 10,24,800 shares on offer, resulting in a massive subscription of 397.8 times. The retail investor segment had been subscribed to 496.22 times, receiving bids for 24,14,62,800 shares against 4,86,600 offered, according to Chittorgarh.com. 

The company intends to use the net proceeds of the issue to expand its business by opening new showrooms in Delhi/NCR. It will also use some parts of the proceeds to repay its debt, meet working capital requirements, and for general corporate purposes.

About the company

The company operates under the showroom name “Sawhney Automobiles” and specialises in the dealership of Yamaha two-wheelers. Sawhney Automobiles caters to a wide range of customer needs by offering a comprehensive selection of two-wheelers, including commuter bikes, sport bikes, cruisers, and scooters from reputable manufacturers.

As an authorised Yamaha dealership, the company ensures customers access to the latest models and genuine spare parts. In addition to sales, the dealership provides expert guidance to help customers choose the right bike, arranges test rides, and offers financing options to enhance accessibility, according to the company's DRHP report.

The company currently operates two concept-driven showrooms, each with an integrated workshop. The Blue Square outlet, located in Dwarka, New Delhi, showcases Yamaha’s entire range of two-wheelers, along with apparel and accessories.

The other showroom on Palam Road, New Delhi, offers a wide selection of premium and distinctive two-wheelers. This location features the latest models from Yamaha India, as well as a diverse collection of motorbikes.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.