Beacon Trusteeship's IPO: Aiming for Rs 32 Crore Windfall

Beacon Trusteeship Ltd plans to raise over Rs 32 crore through an IPO starting May 28. The Mumbai-based company will offer shares priced between Rs 57-60, concluding on May 30. Proceeds will boost technology infrastructure, expand services, and acquire new office premises.

Leading debenture trustee Beacon Trusteeship Ltd on Wednesday said it is aiming to raise a little over Rs 32 crore through its initial share-sale opening for public subscription on May 28.

The Mumbai-headquartered company has fixed a price band at Rs 57-60 per share for the issue and the lot size will be 2,000 equity shares.

The issue will conclude on May 30 and the bidding for anchor investors will open for a day on May 27. Post the successful completion of the IPO, shares of the company will be listed on NSE Emerge, Beacon Trusteeship said in a statement.

The IPO comprises a fresh issue of 38.72 lakh equity shares worth Rs 23.23 crore and an Offer for Sale (OFS) of up to 15.48 lakh equity shares to the tune of Rs 9.29 crore. This takes the aggregate size to Rs 32.52 crore at the upper end of the price band.

Those selling shares in the OFS are Prasana Analytics Private Limited and Kaustubh Kiran Kulkarni.

Of the IPO proceeds, the company proposes to use Rs 7 crore to build up technology infrastructure for its existing business, Rs 6.99 crore to invest in its arm Beacon Investor Holdings to commence the services of depository participant, Registrar and Share Transfer agent, and Rs 3.25 crore to purchase new office premises at Borivali in Mumbai, besides, a portion will be used for general corporate expenses.

On financial front, the company registered a revenue of Rs 19.92 crore with a profit (PAT) of Rs 5.16 crore in the financial year 2023-24, compared to a revenue of Rs 14.81 crore and a PAT of Rs 3.84 crore in FY2022-23.

Beeline Capital Advisors is the sole book-running lead manager, and KFIN Technologies is the registrar to the offer.

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