Apex Frozen Foods IPO Details

Issue Open Aug 22, 2017
Issue Close Aug 24, 2017
IPO Price ₹175
Face Value ₹10
IPO Size ₹152.25 Cr
Listing At BSE, NSE
IPO Lot Size 80

APEX FROZEN FOODS LIMITED

Our Company was originally formed as partnership firm constituted under the Partnership Act, 1932 ("Partnership Act') in the name of Apex Exports, pursuant to a deed of partnership dated 24, 1995 Apex Exports was- thereafter converted from a partnership firm to a private limited company under Part IX of the Companies Act, 1956, will the name 'Apex frozen Foods Private Limited" and received a certificate of Incorporation from Registrar of Companies, Andhra Pradesh on March 30, 2012. Subsequently, our Company was converted into a public limited company with the name "Apex Frozen Foods Limited" and a fresh certificate of incorporation was granted by the Registrar off Companies, Hyderabad on November 29, 2016. There has been no change in Registered Office of our Company since incorporation.

Registered Office and Corporate Office: 3-160, Panasapadu, Kakinada, East Godavari -533 005, Andhra Pradesh, India. | Tel: +91 884 2383902 /03 / 04 | Fax: +91 884 2383 905 / 906 E-mail: cs@apexfrozenfoods.com  | Website: www.apexfrozenfoods.com | Contact Person: S. Sarojini, Company Secretary and Compliance Officer |
Corporate Identity Number: U15490AP2012PLC080067

OUR PROMOTERS: KARUTURI SATYANARAYANA MURTHV AND KARUTURI SUBRAHMAHYA CHOWDARY

BASIS OF ALLOTMENT

The Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading will commence on September 04, 2017, Subject to receipt or listing and trading approvals from the Designated Stock Exchanges.

PUBLIC ISSUE OF 8,700,000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH (THE "EQUITY SHARES") OF APEX FROZEN FOOOS LIMITED (OUR "COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF RS 175 PER EQUITY SHARE AGGREGATING TO RS 1,522.50 MILLION (THE "ISSUE") COMPRISING OF A FRESH ISSUE OF RS 7,250,000 EQUITY SHARES BY OUR COMPANY AGGREGATING TO RS 1,268.75 MILLION (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 7,25,000 EQUITY SHARES BY KARUTURI SATYANARAYANA MURTHY REFERREDTO AS THE PROMOTER SELLING SHAREHOLDERS") AND, 725,000 EQUITY SHARES BY KARUTURI PADMAVATHI (REFERFED TO AS ("THE PROMOTER GROUP SELLING SHAREHOLDER") (TOGETHER REFERRED TO AS THE SELLING SHAREHOLDERS") AGGREGATING TO RS 253.75 MILLION ("OFFER FOR SALE"). THE ISSUE INCLUDES A RESERVATION OF 400,000 EQUITY SHARES, AGGREGATING TO RS 70 MILLION, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED HEREIN) NOT EXCEEDING 5% OF OUR POST-ISSUE PAID UP EQUITY SHARE CAPITAL (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE LESS THE EMPLOYEE RESERVATION IS HEREIN AFTER REFERHED TO AS THE "NET ISSUE". THE ISSUE WOULD CONSTITUTE 27.84%, OF OUR POST ISSUE PAID-UP EQUITY SHARE CAPITAL AND THE NET ISSUE TO THE PUBLIC WOULD CONSTITUTE 26.56%, OF OUR POST-ISSUE PAID-UP SHARE CAPITAL.

Risks to Investors:

i. The Merchant Banker associated with the issue has handled 3 public issues in the past three years, out of which 2 issues closed below the issue price on listing date.

ii. The average cost of acquisition per Equity Share for our Promoters viz., Karuturi Satyanarayana Murthy is Rs 5.83.Karuturi Subrahmanya chowdary is Rs 8.26 and for the selling shareholder Karuturi Padmavati is Rs 3.01 and the Issue price at upper end of the price band is significantly higher at Rs 175.

BID/ISSUE PROGRAMME:
ANCHOR INVESTOR BIDING ON MONDAY, AUGUST 21, 2017
BID/ISSUE OPENED ON TUESDAY, AUGUST 22, 2017
BID/ISSUE CLOSED ON: THURSDAY, AUGUST 24, 2017

In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), this is an Issue for atleast 25% of the post-issue paid-up equity share capital of our Company. The Issue is being made in trough the Book Building Process in accordance with Regulation 26 (1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2009. as amended (the "SEBI ICDR Regulations"), where In 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") ("QIB Portion"), provided that our Company and the Selling Shareholders shall, in consultation with the BRLM, allocate upto 60% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion"), at the Anchor Investor Allocation price, out of which one third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBl ICDR Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received al or above the Issue Price. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% ol the Net issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBl ICDR Regulations, subject to valid Bids being received at or above the issue Price. Under-subscriptjon, it any. in any category, except the QIB Portion, would be met with spill-over from any other category or categories, as applicable, on a proportionate basis, subject to applicable law. All potential investors, other than Anchor Investors, are required to mandatorily use the Application Supported by Blocked. Amount ("ASBA") process providing details of their respective bank accounts which will be blocked by the Sell Certified Syndicate Banks- ("SCSBs"). Specific attention of investors is invited to the chapter titled "issue Procedure" on page 289 of the Red Herring Prospectus.

The details of the applications received from the issue from various categories are as under (before any technical rejections.)

Sr. No. Category No. of
Applications
No. of
Equity Shares
No. of
times Subscribed
Amount
(in Rs)
Shares
Reserved
A Retail Individual Bidders 207933 24129120 8.306 4221963915.00 2935000
B Non Institutional Bidders 378 9036963 7.259 1531378960.00 1245000
C Qualifies Institutional Bidders (Excluding Anchors) 7 3149600 1.897 551180000.00 1660000
D Employee 195 213840 0.535 37099360.00 400000
E Anchor Investors 4 2571520 1.033 450016000 2490000
Total 208522 39101040 4.494 6841638235.00 8700000

A Summary of final demand as per the BSE and the NSE as on the BID/ Issue closing Date at different Bid prices is as under:

Sr. No. Bid
Price
Bids
Quantity
% to
Total
Cumulative
Total
% Cumulative
Total
1 171.00 95680 0.25 38137600 100.00
2 172.00 18160 0.05 38041920 99.75
3 173.00 21040 0.06 38023760 99.70
4 174.00 13840 0.04 36002720 99.65
5 175.00 18053360 47.34 37988380 99.61
6 Cut-Off 19935520 52.27 19935520 52.27
Total 38137600 100.00

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange, being BSE on August 31,2017.

A) ALLOCATION TO RETAIL INDIVIDUAL INVESTORS (AFTER TECHNICAL REJECTIONS & WITHDRAWALS): The Basis of Allotments the Retail Individual Investors, which have Bid at Cut-off Price or at or above the issue Price of Rs 175 per Equity Share. The total number of shares, allocated in this category is 2984240 (including 79,240 shares spilled over from Eligible Employee Category) Equity Shares. The category was subscribed by 8.086 times. The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% to
Total
Total No.
of Shares
Applied in
each category
% to
Total
No. of Equity
Shares Allocaiion
per Applicant
Ratio of
Allottees to
the Applicant
Total No. of
Shares
Allotted
80 177358 87.50 14133640 60.43 10.17 16:87 2611200
160 11592 5.72 1854720 7.90 20.34 16:87 170640
240 4047 2.00 971280 4.14 30.50 7:38 59000
320 1877 0.93 600640 2.56 40.67 16:87 27000
400 1872 0.95 748800 3.19 50.84 7:38 27600
480 640 0.32 307200 1.31 61.01 7:38 9440
560 1047 0.52 586320 2.50 71.18 7:38 15440
640 384 0.19 245760 1.05 81.35 17:92 5680
720 201 0.10 144720 0.62 91.51 7:38 2960
800 621 0.31 496800 2.12 101.68 9:49 9120
880 150 0.07 132000 0.56 111.85 14:75 2240
960 207 0.10 198720 0.85 122.02 9:49 3040
1040 200 0.10 208000 0.89 132.19 5:27 2960
1120 2496 1.22 2795520 11.88 142.35 16:87 36720
Tolal ZQ692 100.00 23479120 100.00 2984240

B) ALLOCATION TO NON-INSTITUTIONAL INVESTORS (AFTER TECHNICAL REJECTIONS & WITHDRAWALS): The Basis of Allotment to the Non - Institutional Investors, which have Bid at Cut-off Price or at or above the Issue Price of Rs 175 per Equity Share. The total number ol shares allocated in this category is 1273960 (including 33,960 shares spiled over from Eligible Employee Category) Equity Shares. The category was subscribed by 7.066 times. The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% to
Total
Total No.
of Shares
Applied in
each category
% to
Total
No. of Equity
Shares Allocaiion
per Applicant
Ratio of
Allottees to
the Applicant
Total No. of
Shares
Allotted
1200 91 25.35 109200 1.22 170.78 1:1 15561
1280 13 3.62 16640 0.19 182.17 1:1 2366
1360 3 0.84 4080 0.05 193.55 1:1 579
1440 5 1.39 7200 0.08 204.94 1:1 1025
1520 4 1.11 6080 0.07 216.32 1:1 864
1600 20 5.57 32000 0.36 227.71 1:1 4560
1680 4 1.11 6720 0.07 239.09 1:1 956
1760 3 0.84 5280 0.06 250.48 1:1 750
1840 1 0.28 1840 0.02 261.86 1:1 262
1920 4 1.11 7680 0.09 273.25 1:1 1092
2000 15 4.18 30000 0.33 284.63 1:1 4275
2080 2 0.56 4160 0.05 296.02 1:1 592
2160 2 0.56 4320 0.05 307.40 1:1 614
2240 4 1.11 8960 0.10 318.79 1:1 1276
2320 3 0.84 6960 0.08 330.17 1:1 990
2400 11 3.06 26400 0.29 341.56 1:1 3751
2480 2 0.56 4960 0.06 352.95 1:1 706
2560 2 0.56 5120 0.06 364.33 1:1 728
2640 1 0.28 2640 0.03 375.72 1:1 376
2720 1 0.28 2720 0.03 387.10 1:1 387
2800 13 3.62 36400 0.41 398.49 1:1 5174
2880 5 1.39 14400 0.16 409.87 1:1 2050
3120 1 0.28 3120 0.03 444.03 1:1 444
3200 4 1.11 12800 0.14 455.41 1:1 1820
3440 1 0.28 3440 0 04 489.57 1:1 490
3680 1 0 28 3680 0.04 523.73 1:1 524
4000 7 1.95 28000 0.31 569.27 1:1 3983
4080 3 0.84 12240 0.14 580.65 1:1 1743
4160 2 0.56 8320 0.09 592.04 1:1 1184
4240 1 0.28 4240 0 05 603.42 1:1 603
4320 1 0.28 4320 0 05 614.81 1:1 615
4480 2 0.56 8960 0.10 637.58 1:1 1276
4560 1 0.28 4560 0.05 648.96 1:1 649
4800 2 0.56 9600 0.11 683.12 1:1 1366
4960 2 0.56 9920 0.11 705.89 1:1 1412
5040 3 0.34 15120 0.17 717.28 1:1 2151
5120 2 0.56 10240 0.11 728.66 1:1 1458
5200 2 0.56 10400 0.12 740.05 1:1 1480
5280 1 0.28 5280 0.06 751.43 1:1 751
5440 1 0.28 5440 0.06 774.20 1:1 774
5520 1 0.28 5520 0.06 785.59 1:1 786
5600 8 2.23 44800 0.50 796.97 1:1 6376
5680 6 1.67 34030 0.38 808.36 1:1 4848
5760 3 0.84 17280 0.19 819.74 1:1 2460
6080 1 0.28 6080 0.07 865.29 1:1 865
6160 1 0.28 6160 0.07 876.67 1:1 877
7040 1 0.28 7040 0.08 1001.91 1:1 1002
7200 1 0.28 7200 0.08 1024 68 1:1 1025
7440 1 0.28 7440 0.08 1058.84 1:1 1059
7680 1 0.28 7680 0.09 1092.99 1:1 1093
8000 8 2.23 64000 0.71 1138.53 1:1 9104
8560 3 0.84 25680 0.29 1218.23 1:1 3654
9280 1 0.28 9280 0.10 1320.70 1:1 1321
9600 2 0.56 19200 0.21 1366.24 1:1 2732
10000 4 1.11 40000 0.45 1423.17 1:1 5692
11360 3 0.84 34080 0.38 1616.72 1:1 4851
11440 7 1.95 80080 0.99 1628.10 1:1 11396
11760 1 0.28 11760 0.13 1673.64 1:1 1674
12000 3 0.84 36000 0.40 1707.80 1:1 5124
14240 1 0.28 14240 0.16 2026.59 1:1 2027
14560 1 0.28 14560 0.16 2072.13 1:1 2072
14960 2 0.56 29920 0.33 2129.06 1:1 4258
15040 1 0.28 15040 0.17 2140.44 1:1 2140
16000 1 0.28 16000 0.18 2277.07 1:1 2277
16960 1 0.28 16960 0.19 2413.69 1:1 2414
17120 1 0.28 17120 0.19 2436.46 1:1 2436
17440 1 0.28 17440 0.19 2482.00 1:1 2482
17600 1 0.28 17600 0.20 2504.77 1:1 2505
18000 1 0.23 18000 0.20 2561.70 1:1 2562
20000 12 3.34 240000 2.67 2846.33 1:1 34152
22000 1 0.28 22000 0.24 3130.97 1:1 3131
24000 1 0.28 24000 0.27 3415.60 1:1 3416
25040 1 0.28 25040 0.28 3563.61 1:1 3564
28320 1 0.28 28320 0.32 4030.41 1:1 4030
28560 1 0.28 28560 0.32 4064.56 1:1 4065
28800 1 0.28 28800 0.32 4098.72 1:1 4099
34240 1 0.28 34240 0.38 4872.92 1:1 4873
36000 1 0.28 36000 0.40 5123.40 1:1 5123
39360 1 0.28 39360 0.44 5601.58 1:1 5602
40000 1 0.28 40000 0.45 5692.67 1:1 5693
42800 1 0.28 42800 0.48 6091.15 1:1 6091
46240 1 0.28 46240 0.51 6580.72 1:1 6581
56000 3 0.84 168000 1.87 7969.73 1:1 23910
57120 8 2.23 456960 5.08 8129.13 1:1 65032
57200 1 0.28 57200 0.64 8140.51 1:1 8140
58000 1 0.28 58000 0.65 8254.37 1:1 8254
77120 1 0.28 77120 0.86 10975.46 1:1 10975
108800 1 0.28 108800 1.21 15484.05 1:1 15484
112000 1 0.28 112000 1.25 15939.47 1:1 15939
115360 1 0.28 115360 1.28 16417.65 1:1 16417
160000 1 0.28 160000 1.78 22770.67 1:1 22771
300000 1 0.28 300000 3.34 42695.00 1:1 42695
400000 1 0.28 400000 4.45 56926.67 1:1 56927
1714240 1 0.28 1714240 19.08 243964.92 1:1 243965
3489000 1 0.28 3480000 38 66 495261.99 1:1 495262
Total 359 100.00 8986720 100.00 1278960

C) ALLOCATION TO QIBS EXCLUDING ANCHOR INVESTORS: The Basis of Allotment to QlBs who have Bid at or above the Issue Price of Rs 175 per Equity Share has been done on a proportionate basis in consultation with the BSE. The category was subscribed by 1.776 times. As per the Sebi ICDR Regulations. Mutual Funds were Allocated 5% of the Equity Shares of Net QIB portion available i.e.88660 Equity Shares and other QlBs, including Mutual Funds, were Allocated the remaining available 1684540 Equity Shared on proportionate basis. 1773200 No of Equity Shares were allotted in the QIB category, which were allotted to 7 successful Bidders/ Applicants. The category-wise details of the Basis of Allotment are as under:

Category Mutual Fund FII Fl AIF Total
QIB 683626 302288 316200 471086 1773200

D) Allotment to Anchor Investors: The Company and the selling Shareholders in consultation with the BRLMs have Allocated 2490000 Equity Shared to 3 Anchor Investors through 4 Applications. This represents 60% of the QIB category

Category Mutual Fund Total
Anchor Investors 2490000 2490000

E) ALLOCATION TO ELIGIBLE EMPLOYEES (AFTER TECHNICAL REJECTIONS & WITHDRAWALS!: The Basis of Allotment to the Eligible employees, which have Bid at offer price of Price of Rs 175 per Equity Share, was finalised in consultation with the BSE. This Employee Reservation Portion has been subscribed to the extent of 0.43 times. The total number of Equity Shares Allotted in this category is 173600 Equity Shares to 62 successful Eligible Employees.

The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
Received
% to
Tolal
Total No. of
Shares Applied
in each category
% to
Total
No. of Equity
Shares Allocation
per Applicant
Ratio of
Allottees to
the Applicant
Total No.
of Shares
Allotted
2800 62 100.00 173600 100.00 2800 1:1 173600

The Board of Directors of the Company at its meeting held on August 31, 2017 has taken on record the Basis of Allotment of Equity Shares, as approved by the Designated Stock Exchange viz, BSE and has authorized the corporate action for the allotment of the Equity Shares to various successful applicants.

The CAN and allotment advice and / or notices have been dispatched to the address of the investors as registered with the depositories. Further, the instructions to Self Certified Syndicate Banks have been processed on or before September 01, 2017 for unblocking of funds. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within ten days, inveslors may contact the Registrar to the Issue at the address given below.

The Company is taking steps to get the Equity Shares admitted for trading un the BSE arid the NSE, within 6 working days from the Closure of the Bid / Issue.

Note: All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Prospectus,

INVESTORS PLEASE NOTE

The details of the allotment made has been hosted on the website of the Registrar to the Issue, Bigshare Services Private Limited at Website: www.bigshareonline.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole Applicant, Serial number of the Application Form, Number of Shares Applied for and Bank Branch where the Application had been lodged and payment details at the address given below

REGISTRAR TO THE ISSUE

Bigshare Services Private Limited
1 st Floor, Bharat Tin Works Building. Opp Vasant Oasis, Makwana Road,
Marol. Andheri East. Mumbai- 400059
Tel: +91 22-6263 8200 | Fax: +91 22-6263 8299 | Email: ipo@bigshareonline.com
Investor Grievance Email: investor@bigshareonline.com | Website: www.bigshareonline.com
Contact Person: Babu Raphael | SEBl Registration No: INR000001385

Place: Kakinada
Date: August 31, 2017
For Apex Frozen Foods Limited
On behalf of Board of Directors
Sd/-
Chairman & Managing Director

APEX FROZEN FOODS LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public issue of its equity shares ("Equity Shares") and has filed the Prospectus with the Registrar of Companies, Andhra Pradesh and Telangana at Hyderabad. The Prospectus is available on the website of the SEBl at www.sebi.gov.in , the websites of the Book Running Lead Manager at www.karvyinvestmentbanking.com and the websites of the Stock Exchanges at www.bseindia.com and www.nseindia.com. Any potential investor should note that investment in equity Shares involves a high degree of risk, (or details potential investors should see 'Risk. Factors" beginning on page 18 of the Prospectus.
The Equity Shares have not been and will not be registered under the United State Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws in the United States, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S, state securities laws. The Equity Shares are being offered and sold only outside the United Slates in offshore transactions in reliance on Regulation S of the U.S. Securities Act and the applicable laws of each jurisdiction where such offers and sales are made.

Apex Frozen Foods IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Apex Frozen Foods IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Apex Frozen Foods 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 Apex Frozen Foods IPO basis of allotment status?

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

    Visit the Apex Frozen Foods IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Apex Frozen Foods IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Apex Frozen Foods 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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