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Evoq Remedies IPO Details

IPO Open Mar 17, 2022
IPO Close Mar 22, 2022
IPO Price ₹27
Face Value ₹10
IPO Size ₹9.72 Cr
Listing At BSE SME
Lot Size 4000
Open an Instant Account with Zerodha
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EVOQ REMEDIES LIMITED

Our Company was incorporated as "Salus Life Science and Research Private Limited" at Ahmedabad, Gujarat on February 24th, 2010 under the provisions of the Companies Act, 1956 vide certificate of incorporation issued by the Assistant Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Subsequently the name of our company was changed to "Evoq Remedies Private Limited" on July 15th, 2019 with certificate of Incorporation pursuant to change of name issued by Registrar of Companies, Ahmedabad. Consequent upon the conversion of our Company into public limited company, the name of our Company was changed to "Evoq Remedies Limited" and fresh Certificate of Incorporation dated July 28th, 2021 was issued by Registrar of Companies, Ahmedabad. CIN: U24230GJ2010PLC059692

Registered office: F-I2-A, First Floor, V R Complex, Near Sanalhal Cross Road, Santhal Ahmedabad-382210, Gujarat.
Corporate Office: A-l 106, Empire Business Hub, Near AUDA Water Tank, Science City Road, Sola Ahmedabad -380060, Gujarat.
Website: www.evoqremedies.com; E-Mail: info@evoqremediea.com; Contact No: +91 79 4840 2525
Company Secretary and Compliance Officer: Mr. Tej Bharatkumar Hanj
PROMOTERS OF THE COMPANY: MR. BHUMISHTH NARENDRABHAI PATEL AND MRS. PAYALBHUMISHTH PATEI.
BASIS OF ALLOTMENT 8ME IPO (SME PLATFORM OF BSE LIMITED ("BSE")

PUBLIC ISSUE OF 3600000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH OF EVOQ REMEDIES LIMITED ("EVOQ " OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 27 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF Rs. 17 PER EQUITY SHARE (THE "ISSUE PRICE") AGGREGATING TO Rs. 972.00 LAKHS (‘THE ISSUE"), OF WHICH 180000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH FOR CASH AT A PRICE OF Rs. 27 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF Rs. 17 PER EQUITY SHARE AGGREGATING TO Rs. 48.60 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION i.e NET ISSUE OF 3420000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH AT A PRICE of Rs. 27 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF Rs. 17 PER EQUITY SHARE AGGREGATING TO Rs. 923.40 LAKHS IS HEREIN AFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.47% AND 25.15% RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

In terms of Prospectus dated March 08, 2022 and as per 253(2) of the SEBI (ICDR) Regulations, 2018 wherein allocation in the net offer to the public category shall be; (a) minimum of 50 % to Retail Individual Investors and (b) remaining to i) individual applicants other than retail individual investors and ii) other investors including corporate bodies or institutions, irrespective of number of specified securities applied for, Provided that the unsubscribed portion in either of the categories specified in clauses (a) or (b) may be allocated to applicants in the other category.

Explanation: If the retail individual investor category is entitled to more than fifty per cent, of the Net issue size on a proportionate basis, the retail individual investors shall be allocated that higher percentage.

THE FACE VALVE OF THE EQUITY SHARES IS Rs. 10/- EACH AND THE ISSUE PRICE IS Rs. 27/- EACH INCLUDING A SHARE PREMIUM OF Rs. 17/- PER EQUITY SHARE. THE ISSUE PRICE IS 2.7 TIMES OF THE FACE VALUE. ISSUE WAS OPENED ON THURSDAY, MARCH 17, 2022 ANP CLOSED ON TUESDAY, MARCH 22, 2022.

The Equity Shares offered through the Prospectus are proposed to be listed on SME Platform of BSE Limited ("BSE"), In terms of the Chapter IX of the SEBI (ICDR) Regulations, 2018, as amended from time to time, our Company has received in principle approval letter dated March 08, 2022 from BSE for using its name in this offer document for listing our shares on the SME Platform of BSE Limited ("BSE"). For the purpose of this Issue, the designated Stock Exchange will be the BSE.

SUBSCRIPTION DETAILS

Details of Applications: The Issue has received 1312 applications of 5696000 Equity Shares (before Technical Rejections cases and Bids not banked for 441 applications of 1968000 Equity Shares) was subscribed to the extent of 1.58 times (Including Market Maker Application of 180000 Equity Shares). After considering Technical rejection cases and Bids not banked aggregating to 1968000 Equity Shares for 441 application, the Issue was subscribed 0.975 times. Since this Issue was fully underwritten, hence Underwriter to the Issue has Subscribed the shortfall of 88000 Equity Shares and accordingly Issue was subscribed to 1.000 time. The details of the valid applications received in the Issue (after Technical Rejections for 53 applications of 220000 Equity Shares and after removing 441 applications for 1968000 shares for which "bid filed but not banked) are as follows:

Details of the valid Applications Received (after Technical Rejections for 53 applications of220000 Equity Shares and after removing 441 applications for 1968000 shares for which "bid filed but not banked):

Category Number of Applications Number of equity shares Subscription Ratio (after Revised Subscription)
Market Makers 1 180000 1,0000 Time
Non Retail Investor's 13 112000 0,0655 Times4
Retail Individual Investor's 805 320000 0,973 Times*
Underwriter Devolvement 1 88000 1,000 Time
Total 820 3600000 Overall 1,0000 Times

Total 53 applications for 220000 Equity shares in Retail Individual Investors and other than Retail Individual Investor were rejected on technical grounds including withdrawal of 31 applications for 124000 Equity Shares.

• After revised subscription (Original Allocation was for 1710000 Equity Shares and allotment was made for 112000 Equity Shares in other than retails category and Original Allocation was for 1710000 Equity Shares and allotment was made for 3220000 Equity Shares in retails category)

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange being BSE on March 25, 2022.

A. Allocation to Market Maker (After Technical Rejection & Withdrawal): The Basis of Allotment in the Market Maker, at the issue price of Rs.27/ per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.0000 time. The total number of shares allotted in this category is 180000 Equity shares, out of reserved portion of 180000 Equity Shares.
B. Allocation to Retail Individual Investors ( After Technical Rejections & Withdrawal, if any): The Basis of Allotment to the Retail Individual Investor, at the issue price of Rs.21/ per Equity Share, was finalized m consultation with BSE. The category was subscribed by 0.973 times (As per Revised Subscription). Total number of Equity shares allotted in this category are 3220000 Equity Share as under;
No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allotees to the Applicant Number of Successful Applicants (After Rounding Off) % to Total Total No. of Equity Shares allocated/allotted % to Total Surplus (Deficit)
4000 805 100.00 3220000 100.00 3308000 4000 4000 1:1 805 100 3220000 100 (88000
TOTAL 805 100.00 3220000 100.00 3308000 4000 4000 1:1 805 100 3220000 100 (88000
C. Allocation to Non retail Investors (After Technical rejections & Withdrawal):): The Basis of Allotment to the Non Retail Investors, at the issue price of Rs.27/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 0.0655 times. Total number of shares allotted in this category is 112000 Equity Shares. The category wise basis of allotment is as under:
No. of Shares Applied for (Category wise) No. of Applications % to total Total No. of Equity Shares applied each category % to total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allotees to the Applicant Number of Successful Applicants (After Rounding Off) % to Total Total No. of Equity Shares allocated/allotted % to Total Surplus (Deficit) (Rounding off)
8000 11 84.62 88000 78.57 88000 8000 8000 1:1 11 84.62 88000 78.57 -
12000 2 15.38 24000 21.43 24000 12000 12000 1:1 2 15.38 24000 21.43 -
13 100.00 112000 100.00 13 100.00 100.00
D. Allocation to Underwriter Devolvement (After Technical rejections & Withdrawal):): The Basis of Allotment to Underwriter Devolvement, at the issue price of Rs.27/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1,0000 times. The Total number of shares allotted in this category is 88000 Equity Shares. The category wise basis of allotment is as under:
No. of Shares Applied for (Category wise) No. of Applications % to total Total No. of Equity Shares applied each category % to total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allotees to the Applicant Number of Successful Applicants (After Rounding Off) % to Total Total No. of Equity Shares allocated/allotted % to Total Surplus (Deficit) (Rounding off)
88000 1 100 88000 100 88000 88000 88000 1:1 1 100 88000 100 -
88000 1 100 88000 100 88000 88000 88000 1:1 1 100 88000 100 -

The Board of Direction of the Company at its meeting held on March 25, 2022 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE and has authorized the corporate action for allotments of shares in dematerialized from to various successful application.

The allotment advice and/or notice are being dispatched to the address of the Applicants as registered with the depositories, Further, the instruction to Self-Certified Syndicate Banks were being processed on or before March 25, 2022. In case the same is not received within 10 days, investors may contact at the address details with the depositories concerned. The Company is taking steps to get the Equity Shares admitted for trading on the SME platform of BSE Limited ("BSE"), within Six working days from the date of the closure of the Issue. The trading is proposed to be commenced on Wednesday, March 30, 2022 subject to received of final listing and trading approvals from the BSE.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Bigshare Services Private Limited at ipo@bigshareonline.com. All future correspondence in their regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole applicants, serial number of the Application From, number of Shares applied for and Bank Branch where the application had been lodged and payment details at the Registrar given below:

BIGSHARE SERVICES PRIVATE LIMITED (CIN: U99999MH1994PTC076534) On behalf of the Board of Directors
Address: 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road Marol, Andheri (E), Mumbai-400059, India. For, EVOQ REMEDIES LIMITED
Tel. Number: +91 22 62638200; Fax- +91 22 62638280; Email Id: ipo@bigshareonline.com Sd/-
Investors Grievance Id: investors@ ipo@bigshareonline.com; Website: www.ipo@bigshareonline.com Bhumishth Narendrabhai Patel
Contact Person: Mr. Swagnil Kate Chairman cum Managing Director
Date: March 28, 2022 Place: Ahmedabad (DIN: 02516641)

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 OF EVOQ REMEDIES LIMITED.

Note: All capitalized terms used and defined herein shall have the respective meaning assigned to them in the Prospectus.



Evoq Remedies IPO Basis of Allotment FAQs

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

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

Visit the Evoq Remedies IPO allotment status page to check the number of shares allocated to your application.

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