Accel Frontline IPO Details

Issue Open Sep 28, 2006
Issue Close Oct 5, 2006
IPO Price ₹75
Face Value ₹10
IPO Size ₹42.27 Cr
Listing At BSE, NSE
IPO Lot Size 70

ACCEL FRONTLINE LIMITED

(Originally incorporated as Accel Computers Limited on June 8,1995 under the Companies Act, 1956 as a public limited company. The name was changed to Accel ICIM Systems & Services Limited on October 21, 1999.

Registered and Corporate Office: III Floor, New No. 75 (Old No. 124), Nelson Manickam Road, Aminjikarai,
Chennai 600 029, Tamil Nadu. Tel: +91 44  4225 2000; Fax: +91 442374 1271; Compliance Officer/Contact Person:
Mr. R. Neelakantan; Website: www.accelfrontline.in; Email: neel@accelfrontline.in

BASIS OF ALLOCATION

PUBLIC ISSUE OF 56,35,950 EQUITY SHARES OF RS. 10/- EACH AT A PREMIUM OF RS. 65/- PER EQUITY SHARE AND AT A PRICE OF RS. 75/- PER EQUITY SHARE FOR CASH AGGREGATING
RS. 4226.9625 LAKH (HEREINAFTER REFERRED TO AS "THIS ISSUE"). THIS ISSUE COMPRISES OF A FRESH ISSUE OF 51,75,667 EQUITY SHARES BY ACCEL FRONTLINE LIMITED ("COMPANY" OR "ISSUER") AND AN OFFER FOR SALE OF 4,60,283 EQUITY SHARES BY INTEL PACIFIC INC., ("INTEL" OR THE "SELLING SHAREHOLDER"). THE FRESH ISSUE AND THE OFFER FOR SALE ARE JOINTLY REFERRED TO HEREIN AS THE "ISSUE". THE NET ISSUE WOULD CONSTITUTE 25.04% OF THE POST ISSUE PAID-UP CAPITAL OF OUR COMPANY

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 75/-AND IT IS 7.5 TIMES THE FACE VALUE.

The Issue made through the 100% Book Building Process wherein up to 35% of the Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 50% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.

The issue received 21,594 applications for 1,23,56,960 equity shares resulting in 2.19 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Employees of the Company and Retail Individual Investor categories areas under: (Before technical rejections)

Category No. of Applications No. of Shares Subscription
Qualified Institutional Bidders 11 3528280 1.79
Non Institutional Investors 64 921270 1.10
Retail Individual Investors 21519 7907410 2.81
Total 21594 12356960 2.19

Final Demand

A sample of the final demand at different bid prices is as under:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
75 3345510 23.09 3345510 23.09
76 1190 0.01 3346700 23.09
77 1120 0.01 3347820 23.10
78 2800 0.02 3350620 23.12
79 3430 0.02 3354050 23.15
80 1529220 10.55 4883270 33.70
81 840 0.01 4884110 33.70
82 910 0.01 4885020 33.71
83 7350 0.05 4892370 33.76
85 31640 0.22 4924010 33.98
86 210 0.00 4924220 33.98
87 280 0.00 4924500 33.98
88 6860 0.05 4931360 34.03
89 1120 0.01 4932480 34.04
90 1743070 12.03 6675550 46.07

CUTOFF

7815780 53.93 14491330 100.00

TOTAL

14491330 100.00

The Basis of Allocation was finalized in consultation with National Stock Exchange Limited ("NSE") on 17th October, 2006.

A. Allocation to Retail Individual Investors (After Technical Rejections)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 75/- per Equity Share, was finalized in consultation with NSE. The category was oversubscribed 2.78418 times. The total number of shares allotted in this category is 2817977 Equity Shares The category-wise details of the Basis of Allocation are as under

Category No. of Applications % to total Total No. of Shares applied % to total Proportional Allocation Ratio Total No. of
Shares allocated
70 4355 20.38 304850 3.89 70 9:25 109550
140 3344 15.65 468160 5.97 70 18:25 168350
210 2077 9.72 436170 5.56 75 FIRM 155775
280 1588 7.43 444640 5.67 101 FIRM 160388
350 1055 4.94 369250 4.71 126 FIRM 132930
420 451 2.11 189420 2.41 151 FIRM 68101
490 5468 25.58 2679320 34.15 176 FIRM 962368
560 242 1.13 135520 1.73 201 FIRM 48642
630 85 0.4 53550 0.68 226 FIRM 19210
700 179 0.84 125300 1.6 251 FIRM 44929
770 36 0.17 27720 0.35 277 FIRM 9972
840 42 0.2 35280 0.45 302 FIRM 12684
910 26 0.12 23660 0.3 327 FIRM 8502
980 67 0.31 65660 0.84 351 FIRM 23517
1050 2305 10.78 2420250 30.85 377 FIRM 868985
1190 10 0.05 11900 0.15 427 FIRM 4270
1260 30 0.14 37800 0.48 453 FIRM 13590

B. Allocation to Non Institutional  Investors (After Technical Rejections)

The category was subscribed 1.08727 times. All the investors who have applied for 1120 shares and above have been allotted equity shares on Firm Bais. A sample of the category wise details of the Basis of Allocation as under:

Category No. of Applications % to total Total No. of Shares applied % to total Proportional Allocation Ration Total No. of
Shares allocated
1120 4 6.35 4480 0.49 1030 FIRM 4120
5040 6 9.52 30240 3.29 4636 FIRM 27816
5600 3 4.76 16800 1.83 5151 FIRM 15453
5740 2 3.17 11480 1.25 5280 FIRM 10560
6230 2 3.17 12460 1.36 5730 FIRM 11460
7000 2 3.17 14000 1.52 6438 FIRM 12876
11130 1 1.59 11130 1.21 10237 FIRM 10237
11200 1 1.59 11200 1.22 10301 FIRM 10301
11550 1 1.59 11550 1.26 10623 FIRM 10623
12600 1 1.59 12600 1.37 11589 FIRM 11589
37520 1 1.59 37520 4.08 34508 FIRM 34508
39970 1 1.59 39970 4.35 36762 FIRM 36762
55720 1 1.59 55720 6.06 51248 FIRM 51248
62510 1 1.59 62510 6.8 57493 FIRM 57493
87500 1 1.59 87500 9.52 80477 FIRM 80477
374500 1 1.59 374500 40.74 344430 FIRM 344430

C. Allocation to OIBs

Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (98,629) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (18,73,953) onproportinate basis.

Category Fls/Banks MFs Flls insurance Companies VCs Total
No.of Shares 1317333 178758 81926 394565 - 1972582

Pursuant to Clause 6.8.3.2 (g) of the SEBI (Disclosure and Investor Protection Guidelines), 2000 and Item no. 20 of the Notes to the Capital Structure (page no. 23) of the Prospectus dated October 10, 2006 the Company has rounded-off fractional Equity Shares to the nearest multiple of one (1) Equity Share.

The Board of Directors of the company at It's Meeting held at the Corporate Office of the Company at III Floor, New No.75 (Old No. 124), Nelson Manickam Road, Aminjlkaral, Channel -600 029, Tamil Nadu on 17th October, 2006 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The Refund Orders/ECS and allotment advice and notice has been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company is taking steps to get the equity shares admitted for trading on Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

This details of the allocation made would be hosted on the website of Registrars to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com All future correspondence In this regard may kindly be addressed to the Registrars to the Issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Intime Spectrum Registry Limited
Unit: Accel Frontline Limited,
C-13, Pannalal Silk Mills, Compound, L.B.S. Marg,
Bhandup (W), Mumbai -400078, Fax: +91 22 2596 0329
Email: afslipo@intimespectrum.com

Place : Mumbai
Date : 17th October, 2006

For Accel Frontline Limited
Sd/                 
Directors           

Accel Frontline IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Accel Frontline IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Accel Frontline IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is Accel Frontline IPO basis of allotment status?

    The Accel Frontline IPO basis of allotment (published above) tells you how shares are allocated to you in Accel Frontline IPO and category wise demand of IPO share.

    Visit the Accel Frontline IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Accel Frontline IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Accel Frontline IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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