CL Educate IPO Details

Issue Open Mar 20, 2017
Issue Close Mar 22, 2017
IPO Price ₹502
Face Value ₹10
IPO Size ₹238.95 Cr
Listing At BSE, NSE
IPO Lot Size 29

CL Educate Limited

Our Company was incorporated in New Delhi as 'Career Launcher (India) Private Limited' on Apiil 25,1996 under the Companies Act. 1956 ('Companies Act 1956') with the Registrar of Companies. National Capital Territory of Delhi and Haryana ('RoC'). Pursuant to a resolution of our shareholders dated April 25, 2000. our Company was converted to a public limited company follow which our company was converted to a public limited  following which our name was changed to 'Career Launcher (india) Limited, and a fresh certificate of incorporation was issued by the Roc on June 17, 2000. Pursuant to a resolution of our shareholders dated February 28, 2011, our name was changed to 'CL Educate Limited', and a fresh certificate of incorporation was issued by the Roc on March 18, 2011. Registered and Corporate Office: A-41, Espie Building, Lower Ground Floor, Mohan Co-operative Industrial Area, Main Mathura Road, New Delhi 110044, India, Tel.; +91 (11) 4128 1100,
Fax: +91 (11) 4128 1110. For more information in relation to change in our name and registered office, see 'History and Certain Corporate Matters' on page 166 of the Prospectus dated March 24, 2017. Company Secretary and Compliance Officer: Rachna Sharna, Company Secretory. Tel: + 91 (11 4128 1100. Fax: -91 (11) 4128 1110, E-mail: compliance@cleducate.com
Website: www.cleducate.com CIN: U74899DL 1996PLC 078481

PROMOTERS: SATYA NARAYANAN .R GAUTAM PURI, NIKHIL MAHAJAN, R. SHIVA KUMAR, SREEINIVASAN R, SUJIT BHATTACHARYYA AND BILAKES CONSULTING PRIVATE LIMITED

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 in Equity Shares will commence on March 31, 2017.

INITIAL PUBLIC OFFERIINC OF UP TO 4,760,000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ('EQUITY SHARES') OF CL EDUCATE LIMITED ('CL EDUCATE' OR 'OUR COMPANY' OR'THE COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS 502 PER EQUITY SHARE (THE 'OFFER PRICE') AGGREGATING UP TO RS 2,389.52 MILLION (THE 'OFFER'). THE OFFER COMPRISES A FRESH ISSUE OF 2,180,119 EQUITY SHARES BY OUR COMPANY A ('FRESH ISSUE') AND AN OFFER FOR SALE OF UP TO 2,579,881 EQUITY-SHARES BY THE SELLING SHAREHOLDERS, INCLUDING UPTO 974,000 EQUITY SHARES BY CERTAIN OF OUR PROMOTERS AND MEMBERS OF THE PROMOTER GROUP ('OFFER FOR SALE'). THE OFFER SHALL CONSTITUTE 33.61 % OF THE POST OFFER PAID4JP EQUITY SHARE CAPITAL OF OUR COMPANY. FOR DETAILS OF THE EQUITY SHARES OFFERED BY EACH SELLING SHAREHOLDER, SEE 'CAPITAL STRUCIURE' ON PAGE 71 OF THE PROSPECTUS

Offer Price; Rs 502 per Equity Share of face value of Rs 10 each | Anchor Investor Offer Price: Rs 502 per Equity Share | The Offer Price is 50.2 times of the face value

Risks to Investors

1.) The Merchant Banker associated with the Issue has handled 19 public issues in the past three years out of which 5 issues closed below the issue price on listing date.
2.) Average cost of acquisition of Equity Shares for Promoters/Selling Shareholders is up to Rs 430.88 per Equity Share and Offer Price at the upper end of the Price Band is Rs 502.

BID/OFFER PERIOD BID/OFFER OPENED ON MARCH 20, 2017*
BID/OFFER CLOSED ON MARCH 22, 2017

*The Anchor Investor Buying Date was one Working day prior to the BID/OFFER Opening Date i.e. Friday, March 17,2017.

BASIS OF ALLOTMENT

In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended, (the 'SCRR') the Offer was made for at least 25% of the post-Offer paid-up Equity Share capital of our Company. The Offer was made through the Book Building Process, in compliance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ('SEBI ICDR Regulations'), where 50% of the Offer has been allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (the 'QIB Category'). Our Company in consultation with the BRLM has allocated 60%of the QIB Category to Anchor investors, on a discretionary basis (the 'Anchor Investor Portion'), of which one-third was reserved for domestic Mutual Funds, subject to valid bids received from domestic Mutual Funds at or above the Anchor Investor Offer Price. Further. 5% of the QlB Category (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject , to valid Bids received from them at or above the Offer Price, Further, not less than 15% of theOffer was available for allocation on a proportionate basis to Non-lnstitutional Investors and not less than 35% of the Offer was available for allocation to Retail Individual tnvestors, in accordance with the SEBI ICDR Regulations, subjeel to valid Bids received at or above the Offer Price. For details in this regard, specific attention is muted to 'Offer Procedure' on page 510 of the Prospectus,

The Offer received 73,330, Applications for 80,06,146 Equity Shares (before technical rejections} resulting in subscription of 1.68 times (including Anchor Portion). The details oof the Applications received in the Offer from various categories are as under (before technical rejections):

SI. No. Category NO. Of
Applications
No. Of
Equity Shares
No. of times
Subscribed
Amount(Rs.) Shares
Reserved
A Retail Individual Bidders 73,258 26,14,089 1.57 1,31,30,25,477 16,66,000
B Non Institutional Bidders 39 1,28,209 0.18 6,43,59,961 7,14,000
C Qualifes Institutional Bidders (Excluding Anchor Investors) 16 34,70,778 3.65 39,49,96,50,810 9,52,000
D Anchor Investors 17 17,93,070 1.26 90,01,21,140 14,28,000
Total 73,330 80,06,146 1.68 41,77,71,57,388 47,60,000

Final Demand
A summary of the final demand as per the BSE and the NSE at different bid prices is as under:

SI. No Bid Priced) Bids Quantity (%) To Total Cumulative Total % Cumulative Total
1 500 20,126 0.32 20.126 0.32
2 501 11,194 0.18 31.320 0.49
3 502 40,30,971 63.33 40,62,291 63.82
4 CUTOFF 23,03,035 36.18 63,65,326 100.00
TOTAL 63,65,326 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being national Stock Exchange of India Limited ('NSE'') March 28, 2017.

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

The Basis of Allotment to the Retail Individual Bidders, who have bid at Cut-off or at the Offer Price of  Rs 502 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 1.54 tines. The total number of Equity Shares Allotted in Retail Individual Bidders category is 19,07,602 Equity Shares to 65,779 successlul applicant. The category-wise details of the Basis of Alltotment 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
29 66,587 92.69 19,31,023 75.50 29 217 :237 17,68,072
58 2.715 3.73 1,57,470 6.16 29 76:83 72,094
87 767 1.07 66,729 2.61 29 76:83 20,358
116 450 0.63 52,200 2.04 29 76:83 11,948
145 251 0.35 36,395 1.42 29 76:53 6,670
174 152 0.21 23,448 1.03 29 76:83 4,031
203 197 0.27 39,991 1.56 29 76:83 5,220
232 70 0.10 16,240 0.63 29 32:35 1,856
261 20 0.03 5,220 0.20 29 9:10 522
290 122 0.17 35,380 1.38 29 56:51 3,248
319 20 0.03 6,380 0.25 29 9:10 522
348 37 0.05 12,876 0.50 29 34:37 986
377 454 0.63 1,71,158 6.69 29 76:83 12,064
1 11:4811 11
TOTAL 71,842 100.00 25,57,510 100.00 19,07,602

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

The Basis of Allotment to the Non Institutional Bidders, who have bid at the Offer Price of  Rs 502 per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.18 times. The total number of Equtty Shares allotted in this category is 1,27,252 Equity Shares to 37 successful applicants. The calegory-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
406 4 10.81 1,624 1.28 406 1:1 1,624
435 1 2.70 435 0.34 435 1:1 435
580 8 21.62 4640 3.65 580 1:1 4,640
696 1 2.70 696 0.55 696 1:1 696
812 2 5.41 1,624 1.28 812 1:1 1,624
841 1 2.70 841 0.66 841 1:1 841
870 3 8.11 2,610 2.05 870 1:1 2,610
957 1 2.70 957 0.75 957 1:1 957
986 1 2.70 986 0.77 986 1:1 986
1,015 4 10.81 4,060 3.19 1015 1:1 4,060
1,102 1 2.70 1,102 0.87 1,102 1:1 1,102
1247 1 2.70 1,247 0.98 1.247 1:1 1,247
1,972 1 2.70 1,972 1.55 1,972 1:1 1,972
2,001 1 2 70 2,001 1.57 2,001 1:1 2,001
2,030 1 2 70 2,030 1.60 2,030 1:1 2,030
2,900 1 2.70 2,900 2.28 2,900 1:1 2,900
2,987 1 2.70 2,987 2.35 2,987 1:1 2,987
4,959 1 2.70 4,959 3.90 4,959 1:1 4,959
19,894 2 5.41 39,788 31.27 19,894 1:1 39,788
49,793 1 2.70 49,793 39.13 49,793 1:1 49,793
TOTAL 37 100.00 1,27,252 100,00 1,27,252

The under subscribed portion of 5,86,748 Equity Shares in Non-institutional Bidders category has been spilled over to QIB and Retail categories in a ration of 50:35.

C Allocation to QIBs (Excluding Anchor Investors)

Allotment to QIBs, Who have bid at the Offer Price of Rs 502 per Equity Share or above, has been done on a proportionat basis in consultation with the NSE. This category has been subscribed to the extent of 3.65 times As per the SEBI ICDR Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. 64,858 Equiiy Shades (including under subscribed portion of 17,258 Equity Shares spiled over from Non Institutional Category) and other QIB (including Mutual Funds) were allotted the remaining available Equitv Shares i.e. 12,32,288 Equity Shares including under subscribed portion of 3,27,888 Equity Shares spilled over from Non Institutional Category) on a proportionate basis. The total number of Equity Shares allotted in the Qib Category is 12,97,146 Equity Shares which were allootted to 16 successful Applicants.

Category FIs/Banks FIIs IC MFs OTH Total Equity Shares
QIB 0 5,06,217 3,94,168 3,96,761 0 12,97,146

D.Allocation to Anchor Investors

The Company has allotted 14,25,000 Equity Shares to 9 Anchor Investors, in consultation with the BRLM. In accordance with the SEBI ICDR Regulations, this represents 60% of the QIB Portion.

Category Fls/Banks MFs ICs VCs AIF/FPI FII/FPI Others Total
Anchor 0 6,97,292 3,32.248 0 3,98,460 0 0 14,28,000

The IPO Committee of the Board of our Company at its meeting held on March 29, 2017 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock, being NSE and has allotted the equity shares to various successful applicants.

The Allotment Advice cum Refund intimation have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been dispatched/mailed on March 28,2017 for unblocking and transfer of funds. The Refund Advices have been over-printed with the bank account details as registered, if any. with the depositories. In case the same is not received within ten days, investors may contact the Registrar to the Offer Karvy Computershare Private Limited. at the address given below. The Equity Shares allotted to the successful allottees have been credited on March 29, 2017, for credit in to the respective beneficiary accounts subject to validation of the account details with the depositories concerned. Our Company is taking steps for completion of the necessary formalities to get the Equity shares admitted for listing and trading on BSE and NSE within six Working Days from the Bid/offer closing Date.

All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prosperous.

INVESTORS PLEASE NOTE

The details of the Basis of Allotment made shall be hosted on the websde of the Registrarto the Offer, Karvy Computershare Private Limited at www.karisma.karvy.com
All future comespondance in this regard may kindly be addressed to the Registrar to the Offer 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 member of the Designated Intermediary and place where the Bid-Cun Application Form was submitted and paymemt details at the address given below

Karvy Computershare Private Limited

Karvy Selenium Tower B,plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad 500 032, Telangana. India, Tel: +91 (40) 6716 2222 / Fax: +91 (40) 2343 1551.
E-mail: einward.ris@karvy.com Investor Grievance E-mail: cleducate.ipo@karvy.com Website: http://karisma.karvy.com Contact Person M Murali Krishna.
SEBI Registration Number. INR000000221

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS ON CL EDUCATE LIMITED

Place: New Delhi
Date: 30 March, 2017
For CL Educate Limited
On behalf of the Board of Directors
Sd/-
Company Secretary and Compliance Officer

CL Educate IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in CL Educate IPO?

    Check the basis of allotment document above to know about how the shares are allocated in CL Educate 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 CL Educate IPO basis of allotment status?

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

    Visit the CL Educate IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is CL Educate IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in CL Educate 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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