Beacon Trusteeship
Book Building issueSME₹32.52 Cr issue
+50.00%
Listing gain over issue price
Issue size
₹32.52 Cr
1 lot at cut-off
₹1,20,000
Lot size
2,000shares
Open
28 May 2024
Close
30 May 2024
Allotment
31 May 2024
Listing
04 Jun 2024
Listing performance
Issue price
₹60
Listed at
₹90
Listing-day close
₹94.50
Latest price
₹82
Close on 23 Oct 2026
Listing gain
+50.00%
Return since issue
+36.67%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 May 2024 – 30 May 2024
- Listing date
- 04 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹60 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹32.52 Cr
- Market cap at offer price
- ₹108 Cr
- Promoter holding
- 67.88% → 46.14% pre-issue → post-issue
- ISIN
- INE639X01027
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 7A & B, Siddhivinayak Chambers, Opp MIG Cricket Club, Gandhi Nagar, Bandra (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,42,000 | — | — |
| Market maker | 2,72,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,20,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,40,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,60,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
15,42,000
Anchor portion
₹9.25 Cr
at ₹60 per share
Valuation and performance
Valuation at offer price
₹60 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.64 | 2.86 |
| P/E (×) | 16.48 | 20.98 |
| Price to book (×) | 4.44 | — |
| Market cap | — | ₹108 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.95%
- PAT margin
- 25.93%
- NAV per share
- ₹13.50
- Price to book
- 4.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Beacon Trusteeship
Beacon Trusteeship Limited, incorporated on December 23, 2015, operates as a SEBI-registered Debenture Trustee (Registration No. IND000000569) providing a comprehensive range of trusteeship services across multiple sectors. The company acts as an intermediary between issuer companies and investors, offering services including Debenture Trustee Services, Security Trustee Services, Trustee to Alternate Investment Funds (AIF), Trustee to ESOP, Securitization Trustee, Bond Trusteeship Services, Escrow Services, and Safe keeping. With a team of professionals experienced in Investment Banking, Finance, and Debt Syndication, the company has developed proprietary technology platforms including a client-facing ERP System, a dedicated Securitization platform, and a Covenant Monitoring Tech Platform. The company generates revenue primarily from debenture trusteeship fees (46.06% in FY 2023-24) with diversification into other trustee and financial services, particularly serving clients in the Maharashtra region.
Company Analysis
from RHPBeacon Trusteeship Limited is a SEBI-registered debenture trustee providing trusteeship services across debenture trusteeships, security trustee services, alternate investment funds, securitization, and escrow services in India's debt markets.
Beacon Trusteeship Limited, incorporated on December 23, 2015, operates as a SEBI-registered Debenture Trustee (Registration No. IND000000569) providing a comprehensive range of trusteeship services across multiple sectors. The company acts as an intermediary between issuer companies and investors, offering services including Debenture Trustee Services, Security Trustee Services, Trustee to Alternate Investment Funds (AIF), Trustee to ESOP, Securitization Trustee, Bond Trusteeship Services, Escrow Services, and Safe keeping. With a team of professionals experienced in Investment Banking, Finance, and Debt Syndication, the company has developed proprietary technology platforms including a client-facing ERP System, a dedicated Securitization platform, and a Covenant Monitoring Tech Platform. The company generates revenue primarily from debenture trusteeship fees (46.06% in FY 2023-24) with diversification into other trustee and financial services, particularly serving clients in the Maharashtra region.
Financial ServicesDebt MarketsInvestment BankingTrusteeship ServicesBond MarketsSecuritization
Objects of the Issue
- Building Up Technology Infrastructure for our existing business ₹ 700.00 Lakhs p.23
- Investment in Wholly owned subsidiary i.e. Beacon Investor Holdings Private Limited, to commence the services of Depository Participant and Registrar & Share Transfer Agent ₹ 699.00 Lakhs p.23
- Purchase of New Office Premises ₹ 325.00 Lakhs p.23
- General Corporate Purpose p.23
- Building Up Technology Infrastructure for our existing business ₹700.00 Lakhs p.78
- Investment in Wholly owned subsidiary i.e. Beacon Investor Holdings Private Limited, to commence the services of Depository Participant and Registrar & Share Transfer Agent ₹699.00 Lakhs p.81
- Purchase of New Office Premises ₹325.00 Lakhs p.86
- General Corporate Purpose [●] Lakhs p.86
- Investment in technological infrastructure p.118
- Expansion of service operations domestically and internationally p.118
- Investment through Equity for the License of Depository Participant and Registrar & Share Transfer Agent in subsidiary Beacon Investor Holdings Private Limited p.118
- Funding capex for business expansion and technology infrastructure p.197
Issue Structure
- Total Issue
- 5420000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 3872000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- 1548000 Equity Shares aggregating to ₹ [●] Lakhs (1298000 by Prasana Analytics Private Limited and 250000 by Mr. Kaustubh Kiran Kulkarni)
- Price Band
- To be determined and advertised at least two working days prior to Bid/Offer Opening Date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue through trustee fees and service charges for various trusteeship services. Revenue breakdown for FY 2023-24 includes debenture trusteeship fees (46.06%), security trustee and facility agent services, securitization and pledged share trustee services, AIF/Family trust services, escrow and monitoring services, and other services. Top ten customers contribute 44.39% of total revenue from operations for FY 2023-24.
Business Segments
Acting as trustee for debenture holders, including due diligence, custodial services, monitoring compliance, documentation, disclosures, and record keeping
Providing trustee services for secured lending arrangements
Acting as trustee for securitization transactions and managing pledged shares
Providing trustee services to Alternative Investment Funds and family trusts
Escrow services and monitoring agency services for various transactions
Acts as debenture trustee to protect interests of debenture holders, ensuring creation of security charges, regulatory compliances, monitoring payment obligations, and enforcement activities in case of default.
Holds and manages assets or securities on behalf of a group of lenders in syndicate financial transactions, particularly utilized in project financing and syndicate lending scenarios.
Provides comprehensive suite of services for Alternative Investment Funds including document drafting, AIF registration with SEBI, fund administration, and ensuring compliance with regulatory mandates.
Acts as trustee to Direct Assignment of Loan Pools across diverse sectors including car, truck, microfinance, housing, and retail, managing and securing interests of beneficiaries.
Acts as trustee for debenture/bond issuers, managing investor relations, compliance with regulations, security creation and monitoring. Handles public & rights issues, privately placed listed and unlisted debenture issues.
Acts as a non-partisan fiduciary holding security for the benefit of Banks, NBFCs, Financial Institutions and other Lenders. Ensures charge creation, perfection, and loan facility monitoring for consortium lending.
Acts as Trustee for AIFs set up as Trust. Provides services including trust deed drafting, SEBI registration assistance, PAN/TAN application, auditor appointment, and compliance reporting to SEBI and tax authorities.
Settles trusts for securitization of financial assets from Banks, NBFCs, and Housing Finance Companies. Manages Pass Through Certificate (PTC) issuance, investor payouts, and asset monitoring.
Acts as independent third party holding assets (funds, securities) on behalf of transacting parties. Manages escrow mechanisms for debt servicing, business acquisitions, private equity transactions, and international trade.
Provides trusteeship services for bond issuances, managing bondholder relations and compliance similar to debenture trustee services.
Provides trusteeship services for Debentures and Bonds, including due diligence, custodial services, monitoring compliance, documentation, disclosures, and record keeping
Provides security trustee services for loans extended to corporate debtors by banks and financial institutions
Provides securitization trustee services including Direct Assignment, Pass Through Certificates, Securitized Debt Instruments
Provides trustee services to Alternate Investment Funds
Provides escrow and agency services including managing syndicated credit facilities, Escrow Accounts, Trust & Retention Account, and Safe custody of documents
Provides trusteeship services for Bond issues
Provides other related trusteeship and administration services
SWOT Analysis
Strengths
- • SEBI-registered Debenture Trustee with diverse service offerings(p.21)
- • Experienced management team in investment banking and finance(p.21)
- • Proprietary technology infrastructure and platforms(p.21)
- • Strong revenue growth trajectory(p.24)
- • Debt-free balance sheet with zero borrowings(p.24)
- • 100% underwriting commitment(p.58)
- • Professional management with extensive financial services experience(p.79)
- • Established revenue generation and profitability(p.93)
- • Strong EBITDA margin demonstrating operational efficiency(p.93)
- • High return on equity(p.93)
- • Zero debt and strong balance sheet(p.48)
- • Marquee client base with PSUs and BFSI entities(p.127)
- • Proprietary in-house technology platforms with no external dependency(p.127)
- • Asset-light and debt-free business model(p.128)
- • Strong regulatory compliance track record(p.127)
- • Pan-India presence across 15+ cities(p.127)
- • Experienced management team with banking and financial services background(p.127)
- • Strong brand recognition and reputation for integrity(p.127)
- • SEBI-registered Debenture Trustee with proven track record providing diverse trusteeship services(p.205)
- • Consistent revenue growth and profitability over three-year period(p.205)
- • Strong EBITDA margins and profitability metrics(p.205)
- • Proprietary technology platforms including client-facing ERP, Securitization platform, and Covenant Monitoring Tech Platform(p.205)
- • Established team with extensive industry experience in debt syndication and financial services(p.205)
- • Positive net worth and operating cash flows with no debt(p.217)
Weaknesses
- • Dependence on leased premises without ownership of registered office(p.32)
- • Heavy reliance on debenture trusteeship fees for revenue(p.34)
- • High customer concentration risk with top 10 customers(p.35)
- • Pending orders for technology infrastructure deployment(p.34)
- • Past non-compliances with statutory filing requirements(p.36)
- • Regulatory non-compliance observed by SEBI(p.33)
- • High customer concentration risk(p.94)
- • Heavy reliance on small employee base(p.94)
- • Significant promoter concentration in shareholding(p.68)
- • Promoter's Offer for Sale reducing stake post-IPO(p.46)
- • High operational costs relative to business model(p.128)
- • Complex regulatory compliance obligations across multiple regimes(p.128)
- • Concentration of client relationships and potential customer dependence(p.127)
- • Increasing competition from new entrants with predatory pricing(p.128)
- • Significant dependence on top customers for revenue generation(p.216)
- • Outstanding litigation from former employees alleging breach of employment terms(p.219)
- • Substantial contingent liabilities from litigation on behalf of debenture holders(p.220)
- • Pending income tax scrutiny for assessment year 2022-23(p.219)
- • GST compliance notice for excess input tax credit claim(p.219)
- • Concentration of ownership with promoter group holding 67.88% of shares(p.184)
Opportunities
- • Rapid growth in Indian corporate bond and debt market(p.22)
- • Expansion of trusteeship services through new subsidiaries(p.23)
- • Leverage India's position as fastest-growing major economy(p.21)
- • Growth potential in technology-driven financial services(p.22)
- • Opportunity to diversify revenue streams beyond debenture fees(p.34)
- • Expansion into depository participant and registrar services through subsidiary(p.81)
- • Technology infrastructure investment to enhance service offerings(p.79)
- • Geographic expansion to Singapore, Mauritius and UAE(p.86)
- • Growing Indian debt market with rising corporate bond issuances(p.107)
- • Strong India GDP growth trajectory supporting financial services(p.104)
- • Growing demand for corporate bond issuance and trustee services(p.128)
- • Rising capex spending driving securitization and structured finance demand(p.128)
- • Expansion of AIF, Securitization and Security Trustee service verticals(p.128)
- • India's march toward USD 5 trillion economy creates structural growth tailwinds(p.128)
- • Penetration into tier-II and tier-III cities for geographic expansion(p.128)
- • Expansion of trusteeship services across multiple investment fund categories (REIT, InvIT, AIF) amid growing debt capital markets(p.215)
- • Growth in Security Trustee services revenue from 13.88% (FY2023) to 25.18% (FY2024) of total revenue(p.209)
- • Geographic expansion beyond Maharashtra (67.36% of FY2024 revenue) to higher-growth states(p.209)
- • Expansion of IFSC operations in GIFT City for SEZ and international business(p.176)
- • Growing Escrow Agent services as emerging revenue stream with 4.58% of FY2024 revenue(p.209)
- • Benefits from new SEBI regulations mandating enhanced responsibilities of Debenture Trustees increasing revenue realization(p.178)
Threats
- • Increasing competition from new and established trustee companies(p.31)
- • Regulatory changes could restrict business scope and increase costs(p.31)
- • Economic downturn reduces demand for debenture issuances(p.36)
- • COVID-19 pandemic continued impact on business operations(p.42)
- • Foreign investment restrictions limit investor base(p.43)
- • Geopolitical risks and commodity price volatility(p.22)
- • Regulatory changes in SEBI rules governing debenture trustees(p.108)
- • Global economic uncertainty impacting debt issuances(p.100)
- • Volatility in global bond markets affecting Asian issuances(p.101)
- • Competition from established financial services intermediaries(p.91)
- • New regulatory requirements could increase compliance costs(p.128)
- • Economic downturn could reduce demand for trustee services(p.128)
- • Technology disruption and blockchain could disrupt traditional trustee services(p.129)
- • Dependence on limited number of customers with top 10 customers representing 44.39% of FY2024 revenue(p.216)
- • Regulatory changes and increased compliance burden in debenture trustee sector(p.207)
- • Economic sensitivity affecting debt issuance volumes and corporate investment decisions(p.207)
- • Intense competition from existing and potential debenture trustee and security trustee market participants(p.216)
- • Risks related to enforcement of securities and recovery of dues from issuers affecting business reputation(p.220)
- • Exposure to default risk in managed debenture/bond portfolios and issuer credit events(p.207)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Prasana Analytics Private Limited | Promoter | 64.59% | 43.56% |
| Mr. Pratapsingh Indrajitsingh Nathani | Promoter | 3.28% | 2.58% |
| Prasana Analytics Private Limited | Promoter | 64.59% | 43.56% |
| Pratapsingh Indrajitsingh Nathani | Promoter | 3.28% | 2.58% |
| Prasana Analytics Private Limited | Promoter | 64.59% | — |
| Mr. Pratapsingh Indrajitsingh Nathani | Promoter | 93.20% | — |
| Pratapsingh Nathani | Promoter | 3.28% | — |
| Prasana Analytics Private Limited | Promoter Group | 68.67% | — |
| Airan Limited | Shareholder (>5%) | 15.43% | — |
| Kaustubh Kulkarni | Shareholder (>5%) | 7.42% | — |
| Prasana Analytics Private Limited | Selling Shareholder | — | — |
| Kaustubh Kiran Kulkarni | Selling Shareholder | — | — |
Leadership
Mr. Pratapsingh Indrajitsingh Nathani · Chairman & Managing Director
Mrs. Sneha Patel · Chief Financial Officer
Ms. Pratibha Tripathi · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Beacon Trusteeship IPO FAQs
What is the lot size of Beacon Trusteeship IPO?
The minimum lot size of Beacon Trusteeship IPO is 2,000 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Beacon Trusteeship IPO open and close?
Beacon Trusteeship IPO opened for subscription on 28 May 2024 and closed on 30 May 2024.
What is the listing date of Beacon Trusteeship IPO?
Beacon Trusteeship IPO listed on 04 Jun 2024.