Bharat Wire Ropes IPO Details

Issue Open Mar 18, 2016
Issue Close Mar 22, 2016
IPO Price ₹45
Face Value ₹10
IPO Size ₹70.00 Cr
Listing At BSE, NSE
IPO Lot Size 300

BHARAT WIRE ROPES LIMITED

Our Company was Incorporated as Bharat Ropes Private Limited on July 24, 1986. at Mumbai. Maharashtra as a private Limited company under the Companies Act, 1956. Our Company was converted into a public limited company pursuant to approval of the shareholders in an extraordinary general meeting held on May 2, 1992 and consequently, the name of our Company was changed to Bharat Ropes Limited and a fresh certificate of incorporation consequent upon conversion to public limited company was granted on June 10, 1992. Thereafter, the name of our Company was changed from Bharat Ropes Limited to Bharat Wire Ropes Limited and a fresh certificate of incorporation consequent upon change of name was granted by the Registrar of Companies, Mumbai. on July 5, 1996. For details of changes in the name and the restored office of our Company, Please refer to the chapter titled "History and Certain Corporate Matters" beginning on page 158 of the Prospectus.

Registered Office: Plot No. 1&4, Atgaon Industrial Complex, Mumbai-Nasik-Highway, Atgaon(East), Taluka Shahpur,Thane - 421601, Maharashtra, India; Tel: +91-2527-240123; Fax: +91-2527-240196; Corporate Office: 701, A Wing, Trade World, Kamla City, Senapati Bapat Marg. Lower Parol (West), Mumbai- 400013, Maharashtra, India. Tel: +91-22-66824600, Fax: +91-22-24955477; Contact Person: Mr. Shailesh Rakhasiya, Company Secretary and Compliance Officer, Tel: +91-22-66824600; Fax: +91-22- 24955477; E-mail: compliance@bharatwireropes.com; Website: www.bharatwireropes.com; Corporate Identification Number: U27200MH1986PLC040468.

PROMOTERS OF OUR COMPANY: MR. MURARILAL MITTAL, MRS. USHA MITTAL, MR. MANAN MITTAL AND GAJI MERCANTILE PRIVATE LIMITED

BASIS OF ALLOTMENT

The Equity Shares of the Company are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE"). The Company has received listing and trading approval from BSE and NSE and trading In Equity Shares will commence on April 1, 2016.

PUBLIC ISSUE OF 1,55.55,555 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH ("EQUITY SHARES") OF BHARAT WIRE ROPES LIMITED (OUR "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 45 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 35 PER EQUITY SHARE) AGGREGATING UP TO RS. 7,000 LACS (THE "ISSUE"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 1,47,77,778 EQUITY SHARES (THE "NET ISSUE") AND RESERVATION OF 7,77,777 EQUITY SHARES AGGREGATING UP TO RS. 350 LACS FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEE (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE CONSTITUTES 34.60% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL AND THE NET ISSUE TO THE PUBLIC CONSTITUES 32.87% OF POST- ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE FACE VALUE OF THE EQUITY SHARES IS RS. 10/- EACH. THE ISSUE PRICE IS RS. 45 PER EQUITY SHARE AND IS 4.5 TIMES THE FACE VALUE OF THE EQUITY SHARES.

The Issue Price : Rs 45 per Equity Share of Face Value of Rs. 10 each
The Issue Price is 4.5 times of the Face Value

Risks to Investors:

(I) The two BRLMs associated with the Issuer have handled three public issues In the past three years, out of which no issue has closed below the Issue price on listing date.
(il) The price/earnings ratio based on Diluted EPS for the latest full financial year for the upper end of the Price band is as high as 67.16 times, There is no listed peer for comparison
(iil) Weighted Average Return on Net Worth for last three financial year is 2.50%

BID/ISSUE OPENED ON MARCH 18, 2016

BID/ISSUE CLOSED ON MARCH 22, 2016

This Issue Is being made pursuant to Rule 19(2)(b) of the Securities Contacts Regulation Rules, 1957, as amended ("SCRR"). this is an Issue for at leasl 25% of the post-Issue of our Company The Issue is being made through the Book Building Process in compliance with the provisions of Regulation 26(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, (the "SEBI(ICDR) Regulations"), wherein at least 75% of the Net Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers ("QIBs"). 5% of the QlB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available (or allocation on a proportionate basis to all QlB Bidders, Including Mutual Funds, subject to valid Bids being received at or above the Issue Price. If at leasl 75% of the Net Issue cannot be Allotted toQIBs, then the entire application money shall be refunded forthwith. Further, not more than 15% of the Net Issue shall be available for allocabon on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI (ICDR) Regulations"), subject to valid Bids being received at or above the Issue Price. All Bidders are mandatorily required to utilise the ASBA process to participate in this Issue. For details, please refer to the chapter titled 'Issue Procedure' beginning on page 318 of the Prospectus.

The Issue received 9,306 Applications for 20,887,800 Equity Shares (before technical rejections) resulting in 1.34 times subscription. As per the bid book, the details of the Applications received in the Issue from various categories are as under: (Before technical rejections)

SI no Category No. of
Applicants
No. of
Equity Shares
No. of times
Subscribed
Amount Equity Shares
Reserved
A Retail Individual Bidders 9,120 3,289,500 2.23 147,882,000.00 1,477,778
B Non Institutional Bidders 70 4,934,100 2.23 222,034,500.00 2,216,666
C Qualifies Institutional Bidders 8 12,558,300 1.13 565,123,500.00 11,083,335
D Employee Investors 108 105,900 0.14 4,765,500.00 777,777
Total 9,306 20,887,800 1.34 939,805,500.00 15,555,555

Final Demand

Asummary of final demand as per BSE & NSE after the Bid/Issuo Period at different prices is as under:-

SL NO BID PRICE BIOS QUANTITY (%) TO TOTAL Cumulative Total% Cumulative Total
1 40 171,900 0.80 171,900 0.80
2 41 18,000 0.08 189,900 0.89
3 42 14,700 0.07 204,600 0.96
4 43 126,000 0.59 330,600 1.54
5 44 8,100 0.04 338,700 1.58
6 45 18,009,000 84.07 18,347,700 85.65
7 CUTOFF 3,073,800 14.35 21,421,500 100.00
TOTAL 21,421,500 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on March 29, 2016.

A. Allotment to Retail Individual Bidders (After Technical Rejections)

The Basis of Allotment to the Retail Individual Bidders, who have Bid at Cut-off Price or at the Issue Price of Rs. 45 per Equity Share was finalized in consultation with NSE. The category has been subscribed to the extent of 2.08 times, The total number of Equity Shares Allotted in this category is 1,545,055(*) Equity Shares to 5,150 successful applicants. The category-wise details of the Basis of Allotment are as under:

(*) including spill over from Employee Reservation Portion

Category

 

No. of Applications Received % of
Total

 

Total No. of Equity Shares applied % to
Total

 

No. of Equity Shares Allotted per Applicant Ratio

 

Total No. of Equity Shares Allotted
300 8,467 94.78 2,540,100 78.95 300 49:85 1,464,300
600 207 2.32 124,200 3.86 300 19:33 35,700
900 68 0.76 61,200 1.90 300 39:68 11,700
1200 59 0.66 70,800 2.20 300 34:59 10,200
1500 14 0.16 21,100 0.65 300 4:7 2,400
1800 10 0.11 18,000 0.56 300 3:5 1,800
2100 22 0.25 46,200 1.44 300 13:22 3,900
2400 4 0.04 9,600 0.30 300 1:2 600
2700 1 0.01 2,700 0.08 300 1:1 300
3000 12 0.13 36,000 1.12 300 7:12 2,100
3300 2 0.02 6,600 0.21 300 1:2 300
3900 1 0.01 3,900 0.12 300 1:1 300
4200 66 0.74 277,200 8.62 300 19:33 11,400

55 allottees out of 269 allottees from the category
600-4200 have been allotted one additional share each

1 9:44 55
TOTAL 8,933 100.00 3,217,500 100.00 1,545,055

B. Allotment to Non Institutional Bidder (After Technical Rejections)

The Basis of Allotment to the Non-lnstitutional Bidders, who have Bid at the Issue Price of  Rs. 45 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 2.13 times, The total number of Equity Shares Allotted in this category ts 2,317,583 (*) Equity Shares to 70 successful applicants. The category-wise details of the Basis of Allotment are as under:

(*) Including spill over from Employee Reservation Portion.

Category

 

No. of
Applications
Received
% of
Total

 

Total No. of
Equity Shares
applied
% to
Total

 

No. of Equity
Shares Allotted
per Applicant
Ratio

 

Total No. of
Equity Shares
Allotted
4,500 6 8.57 27,000 0.55 2,114 1:1 12,684
4,800 1 1.43 4,800 0.10 2,255 1:1 2,255
5,400 2 2.86 10,800 0.22 2,536 1:1 5,072
6,900 2 2.86 13,800 0.28 3,241 1:1 6,482
7,500 2 2.86 15,000 0.30 3,523 1:1 7,046
9,000 1 1.43 9,000 0.18 4,227 1:1 4,227
9,900 3 4.29 29,700 0.60 4,650 1:1 13,950
11,100 4 5.71 44,400 0.90 5,214 1:1 20,856
12,000 2 2.86 24,000 0.49 5,636 1:1 11,272
12,300 3 4.29 36,900 0.75 5,777 1:1 17,331
16,500 1 1.43 16,500 0.33 7,750 1:1 7,750
18,000 1 1.43 18,000 0.36 8,455 1:1 8,455
20,100 2 2.86 40,200 0.81 9,441 1:1 18,882
21,000 1 1.43 21,000 0.43 9,864 1:1 9,864
21,900 1 1.43 21,900 0.44 10,287 1:1 10,287
22,200 3 4.29 66,600 1.35 10,428 1:1 31,284
22,500 1 1.43 22,500 0.46 10,568 1:1 10,568
24,000 1 1.43 24,000 0.49 11,273 1:1 11,273
27,000 1 1.43 27,000 0.55 12,682 1:1 12,682
30,000 5 7.14 150,000 3.04 14,091 1:1 70,455
33,000 1 1.43 33,000 0.67 15,500 1:1 15,500
33,300 1 1.43 33,300 0.67 15,641 1:1 15,641
36,000 1 1.43 36,000 0.73 16,909 1:1 16,909
45,000 3 4.29 135,000 2.74 21,137 1:1 63,411
50,100 1 1.43 50,100 1.02 23,532 1:1 23,532
55,200 1 1.43 55,200 1.12 25,928 1:1 25,928
55,500 2 2.86 111,000 2.25 26,069 1:1 52,138
69,900 1 1.43 69,900 1.42 32,833 1:1 32,833
88,500 1 1.43 88,500 1.79 41,569 1:1 41,569
88,800 1 1.43 88,800 1.80 41,710 1:1 41,710
90,000 1 1.43 90,000 1.82 42,274 1:1 42,274
99,000 1 1.43 99,000 2.01 46,501 1:1 46,501
99,900 3 4.29 299,700 6.07 46,924 1:1 140,772
100,200 1 1.43 100,200 2.03 47,065 1:1 47,065
111,000 1 1.43 111,000 2.25 52,138 1:1 52,138
129,900 1 1.43 129,900 2.63 61,015 1:1 61,015
222,000 1 1.43 222,000 4.50 104,275 1:1 104,275
222,300 1 1.43 222,300 4.51 104,416 1:1 104,416
225,000 1 1.43 225,000 4.56 105,684 1:1 105,684
444,600 1 1.43 444,600 9.01 208,832 1:1 208,832
666,600 1 1.43 666,600 13.51 313,107 1:1 313,107
999,900 1 1.43 999,900 20.27 469,658 1:1 469,658
TOTAL 70 100.00 4,934,100 100.00 2,317,583

C. Allotment to Employees (After Technical Rejections)
The Basis of Allotment to the Employee Investors, who have Bid at the Issue Price of Rs 45 per Equity Share, was finalized in consultation with the NSE, This category has been subscribed to the extent of 014 times. The total number of Equity Shares Allotted in this category is 105,000 Equity Shares to 105 successful applicants The category-wise details of the Basis of Allotment are as under

Category
No.of
Applications
Received
% of
Total
Total No.
of Equity
Shares applied
% to
Total
No. of Equity
Shares Allotted
per Applicant
Ratio
Total No, of
Equity Shares
Allotted
300 70 66.67 21.000 20,00 300 1:1 21.000
600 10 9.52 6,000 5.71 600 1:1 6,000
900 2 1.90 1,800 1.71 900 1:1 1,800
1200 1 0.95 1,200 1.14 1200 1:1 1,200
1500 5 4.76 7,500 7.14 1500 1:1 7,500
1800 1 0.95 1,800 1.71 1800 1:1 1,800
3300 1 0.95 3,300 3.14 3300 1:1 3,300
3600 1 0.95 3,600 3.43 3600 1:1 3,600
4200 14 13.33 58,800 56.00 4200 1:1 58,800
TOTAL 105 100.00 105,000 100.00 105,000

The undersubscribed portion of 672,777 Equity Shares in Employee Reservation Portion has been spilled over to Retail Individual Bidders. Non-lnstitutional Bidders and QlB category in the ratio 10:15:75.
D, Allotment to QIBs
The Basis of Allotment toQIBs who have Bid at the issue Price of Rs 45 per Equity Share has been done on a proportionate basis in consultation with the NSE This category has been subscribed to the extent of 1.08 times. As per the SEB1 Regulations, Mutual Funds were Allocated 5% of the Equity Shares of Net QIB Portion available i e. 5,54.167 Equity Shares and other QlBs. were Allocated the remaining available 10.529.168 Equrly Shares (on proportionate basis) Since portion allocated to Mulual Funds remained completely unsubscribed. the total number of Equity Shares allotted in the QIB category is 11,587,917 Equity Shares (*). which were allotted to 8 successful Applicant The category wise details of the Bassis of Allotment are asunder:
(*) Including spill over from Employee Reservation Portion

Category FIs/Banks MFs ICS Others AIF FII Total
QIB 8.737.789 0 0 0 0 2,850.128 11.587.917

The IPO Committee of the Company at its meeting held on March 30.2016. has taken on record, the Basis of Allotment approved by the Designated Stock Exchange, being NSE and Allotted the Equtly Shares to various successful Applicants. The Allotment Advice has been dispatched on March 30.2016 to the address of the Investors as registered with the depositories. In case the same is not received within ten days. Investors may contact the Registrar to the Issue at the address given below. The instructions to the Self Certified Syndicate Banks have been issued on March 29.2016 for unblocking of funds. The Equity Shares Allotted to the successful Applicants have been credited on March 30,2016 to their beneficiary accounts subject to validation of the account deiails with the depositories concerned.
Our Company filed the listing application, with NSE and BSE on March 30.2016
Note: All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them In the Prospectus dated March 28.2016 filed with the Registrar of Companies, Murnbai ("Prospectus").

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Issue. Karvy Computershare Private Limited at  www.karismakarvy.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 Bid-Cum-Application form, number of Equity Shares bid for. name of the Designated Intermediary, place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited

Karvy Selenium Tower B, Ptol 31-32. Gacchibowli Financial District. Nanakramguda. Hyderabad 500 032.
Tel: +91 40 6716 2222. Fax: +91 40 2343 1551; E-mail einward. ris@karvy.com
Investor grievance email: bwr ipo@karvy.com; Website:   www.karismakarvy.com
Contact Person: Mr M Muralikrishna; SEBI Registration No.: INR000000221

Place: Mumbai

Date: March 31,2016

For BHARAT WIRE ROPES LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary & Compliance Officer

Bharat Wire Ropes IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Bharat Wire Ropes IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Bharat Wire Ropes 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 Bharat Wire Ropes IPO basis of allotment status?

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

    Visit the Bharat Wire Ropes IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Bharat Wire Ropes IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Bharat Wire Ropes 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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