Panchatv Bharat SME IPO requires Rs 2.88 lakh application

Sep 19, 2026•3 min read

Panchatv Bharat Ltd.

PANCHATV

Ask Iris

Panchatv Bharat’s SME IPO requires individual investors in the minimum-application category to apply for 2,400 equity shares at Rs 120 each, creating a Rs 2.88 lakh application value. The fixed-price offer assigns 50% of its 16,65,600-share net issue to those minimum-size individual investors, subject to the stated allotment and reallocation rules.

Why does Panchatv Bharat’s SME IPO require Rs 2.88 lakh?

Panchatv Bharat’s SME IPO requires Rs 2.88 lakh because the minimum application for individual investors is 2,400 shares at a fixed issue price of Rs 120 per share. The calculation is 2,400 multiplied by Rs 120. Each equity share has a face value of Rs 10, but the application value is determined by the Rs 120 issue price rather than the face value.

Panchatv Bharat is offering up to 17,56,800 equity shares for total proceeds of Rs 21.08 crore through the Fixed Price Process, which means the issue price is stated in the offer document rather than discovered through book building. The issue includes 91,200 shares reserved for a market maker and 16,65,600 shares available as the net issue to the public. The total issue and net issue represent 30.02% and 28.47%, respectively, of Panchatv Bharat’s post-issue paid-up equity share capital.

The Rs 2.88 lakh threshold is set by the disclosed application structure, not by an optional retail selection. Individual investors applying for the minimum application size can apply for 2,400 shares and cannot apply for more than that minimum size within this category. An individual applying above 2,400 shares falls within the category for applicants other than individual investors applying for the minimum application size.

How is Panchatv Bharat’s SME IPO split between applicants?

Panchatv Bharat’s SME IPO allocates 94.81% of the 17,56,800-share issue to the public net issue and reserves 5.19% for the market maker. The 91,200-share Market Maker Reservation Portion has firm allotment. The 16,65,600-share net issue is subject to proportionate allotment if it is oversubscribed, with a minimum public allotment of 2,400 shares.

Allocation category	Equity shares	Share of total issue
Market Maker Reservation Portion	91,200	5.19%
Net issue to public	16,65,600	94.81%
Total issue	17,56,800	100.00%

Panchatv Bharat’s issue-structure table states that 50% of the net issue is for individual investors applying for the minimum application size and the remaining 50% is for other applicants. If the minimum-size individual category receives exactly 50%, it would account for 8,32,800 of the 16,65,600 net-issue shares. The prospectus permits an unsubscribed portion in either category to be allocated to applicants in the other category.

The prospectus also says minimum-size individual investors can receive more than 50% of the issue when they are entitled to a higher proportionate allocation. A footnote to the table, however, refers to a minimum 50% allocation to individual investors and a “remaining 10%” for applicants above the minimum size and other investors. Panchatv Bharat’s supplied issue-structure pages do not reconcile that wording with the table’s stated 50%-50% split.

Panchatv Bharat’s trading lot is 2,400 equity shares, the same size as the minimum individual application. The prospectus states that the secondary-market trading lot on the SME platform will be the same as the initial public offering application and allotment lot. At the Rs 120 issue price, one 2,400-share lot has an issuance value of Rs 2.88 lakh, although the prospectus does not state a future market price.

The public allotment mechanism uses a different increment from the stated trading lot. In an oversubscribed public issue, Panchatv Bharat says allotment will be proportionate, subject to a minimum allotment of 2,400 shares and further allotment in multiples of 1,200 shares. That means an allotted holding can exceed the base lot by 1,200-share increments, while the stated trading lot remains 2,400 shares.

A Securities and Exchange Board of India, or SEBI, circular dated February 21, 2012 sets a 1,200-share lot-size standard for initial public offerings priced above Rs 90 and up to Rs 120. Panchatv Bharat’s issue price is Rs 120, while its disclosed application and trading lot is 2,400 shares. The prospectus does not explain why the stated lot is two times the 1,200-share size shown in that circular’s schedule.

Which application and refund rules affect Panchatv Bharat applicants?

Panchatv Bharat requires all applicants to use the Applications Supported by Blocked Amount, or ASBA, process, including the Unified Payments Interface, or UPI, mechanism for eligible minimum-size individual investors using Syndicate ASBA. Under ASBA, the full application amount is blocked when the application is submitted. For a 2,400-share minimum application at Rs 120, that blocked amount is Rs 2.88 lakh.

Applicants outside the minimum-size individual category must apply in multiples of 1,200 shares and must submit an application whose value exceeds Rs 2 lakh. A 1,200-share application at Rs 120 would be worth Rs 1.44 lakh and would not meet that condition. The next 1,200-share multiple is 2,400 shares, which is worth Rs 2.88 lakh and exceeds the stated Rs 2 lakh threshold.

Panchatv Bharat states that its registrar may instruct self-certified syndicate banks, or SCSBs, to unblock funds for withdrawn, rejected, unsuccessful or excess ASBA applications within three working days of the issue closing date. If unblocking is delayed beyond three working days, including for funds blocked through UPI, the applicant may be compensated at Rs 100 a day for the period of delay under the disclosed process. The lead manager is to identify and fix liability on the intermediary or entity responsible for the delay.

Panchatv Bharat also says it will not use issue proceeds before it receives approval for trading of its equity shares from the designated stock exchange. The company may decide not to proceed with the issue after the opening date and before allotment, in consultation with the lead manager. In that event, it says it would publish a notice within two days of the issue closing date and the lead manager would notify SCSBs to unlock ASBA accounts within one working day of receiving the intimation.

Conclusion

Panchatv Bharat’s offer structure makes Rs 2.88 lakh the minimum blocked amount for an individual investor seeking the 2,400-share minimum application. That amount follows directly from the Rs 120 fixed price and the stated lot size. The minimum-size individual category is material because the issue table assigns it 50% of the 16,65,600-share net issue, with scope for reallocation of unsubscribed shares and for a higher proportionate allocation.

The next item to watch is clarification in final offer documentation on the allocation wording: the table describes a 50%-50% split of the net issue, while the related footnote refers to a “remaining 10%.” Panchatv Bharat’s board authorised the issue on June 20, 2025, and shareholders approved it on June 23, 2025. The company also retains the disclosed right, with its lead manager, not to proceed after the issue opens and before allotment.

Frequently Asked Questions

Panchatv Bharat’s minimum application for individual investors in the minimum-size category is Rs 2.88 lakh. The application consists of 2,400 equity shares at the fixed issue price of Rs 120 per share.

Panchatv Bharat’s minimum individual application size is 2,400 equity shares. The prospectus also states that the SME trading lot is 2,400 shares, while additional public allotment may be made in 1,200-share multiples.

Panchatv Bharat’s issue-structure table assigns 50% of its 16,65,600-share net issue to individual investors applying for the minimum application size. At exactly 50%, this would equal 8,32,800 shares, although unsubscribed shares can be reallocated between the stated categories.

Panchatv Bharat states that an individual investor applying in the minimum-size category cannot apply for more than 2,400 shares. An individual applying above that size is in the other disclosed applicant category and must apply in multiples of 1,200 shares with an application value exceeding Rs 2 lakh.

Panchatv Bharat states that its registrar may instruct banks to unblock ASBA funds for withdrawn, rejected, unsuccessful or excess applications within three working days of the issue closing date. The prospectus says a delay beyond three working days may result in compensation of Rs 100 per day under the disclosed process.