Firstsource IPO Details

Issue Open Jan 29, 2007
Issue Close Feb 2, 2007
IPO Price ₹64
Face Value ₹10
IPO Size ₹443.52 Cr
Listing At BSE, NSE
IPO Lot Size 100

Firstsource Solutions Limited
(Formerly ICICI OneSouroe Limited)

(incorporated on December 6, 2001 as ICICI Infotech Upstream Limited. Subsequently, our company's name was changed to ICICI OneSource Limited on April 2,2002. We recently changed the name of our Company to
Firstsource Solutions Limited on November 21,2006).
Registered Office: 6th Floor, Peninsula Chambers, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013. Tel: +91-22-66660888; Fax: +91-22-66635481
Company Secretary and Compliance Officer: Mr. Ganapathy Sastri
E-mail: ipo@firstsousrce.com; Website: www.firstsource.com

BASIS OF ALLOTMENT

Public Issue of 69,300,000 Equity Shares of Rs.10/- each for cash at a price of Rs. 64/- per Equity Share (including a share premium of Rs. 54 per Equity Share), aggregating Rs. 4435.20 million (the 'Issue') by Firstsource Solutions Limited (the 'Company or' the Issuer'). The Issue consists of a fresh issue of 60,000,000 Equity Shares and an Offer for Sale of 9,300,000 Equity Shares by SIF (the 'Selling Shareholder'). The issue comprises a net Issue to the public of 68,100,000 shares of Rs.10/- each (the 'Net Issue') and a Reservation of up to 1,200,000 shares of Rs. 10/- each for the eligible employees of our company (the 'Employee Reservation Portion1'). The issue would constitute 16.65% of the post-issue paid-up equity capital of our Company. The net Issue would constitute a minimum of 16.36% of the post-issue paid-up equity capital of our Company.

THE FACE VALUE OF THE EQUITY SHARES IS RS. 10 EACH AND THE ISSUE PRICE IS 6.4 TIMES OF THE FACE VALUE
The Issue was made through the 100% book building process where in upto 60% of the Issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs), out of which 5% of the QIB portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remaining QIB portion shall be available for allocation on a proportionate basis to all Qualified institutional buyers, including Mutual Funds, subject to valid bids being received at or above issue price. Further, at least 10% of the Net Issue to the public shall be available for allocation on a proportionate basis to Non-Institutional Bidders and at least 30% of the Net Issue to the public shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the issue Price. The Board of Directors of Firstsource Solutions Limited wish to thank the investing public for their response to the Issue which opened for subscription on January 29,2007 and closed on February 02,2007. The Issue has received 358329 applications for 3417911555 Equity Shares, resulting in 49.32 times subscription. The details of the subscription received in the Issue from QIBs, Non-Institutional, Retail categories and Employees are as under:

Category No. of Applications No. of Equity Shares bid Subscription
Qualified Institutional Buyers 271 2908733800 71.18 times
Non-Institutional Bidders 777 273426925 40.15 times
Retail Individual Bidders 356667 233037730 11.40 times
Employees 614 2713100 2.26 times

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

Bid Price No. of
Equity Shares
% to Total Cumulative
Equity Shares
Cumulative %
54 743400 0.02 3468713100 100
55 45500 0.00 3467969700 99.98
56 96100 0.00 3467924200 99.98
57 24500 0.00 3467828100 99.97
58 56800 0.00 3467803600 99.97
59 2858800 0.08 3467746800 99.97
60 553400 0.01 3464888000 99.89
61 13100 0.00 3464334600 99.87
62 1607700 0.05 3464321500 99.87
63 10200 0.00 3462713800 99.83
64 3240795700 93.44 3462703600 99.83
CUT - OFF 221907900 6.40 221907900 6.40
TOTAL 3468713100 100

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange - National Stock Exchange of India Limited ('NSE') on February 15, 2007.

A) ALLOCATION TO RETAIL INDIVIDUAL BIDDERS
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs. 64/- per Equity Share, was finalized in.consultation with NSE. The Company has received 343579 valid applications for 225605400 Equity Shares in this category resulting in 11.04 times subscription. The category-wise details of the Basis of allotment are as under:

Category No. of Applications % to Total Total No.
of Shares
Applied
% to Total Proportionate Allocation Ratio Total No. of
Shares Allocated
100 57510 16.74 5751000 2.55 520790 2:23 501000
200 47970 13.96 9594000 4.25 868798 9:50 864000
300 29676 8.64 8902800 3.95 806205 3:11 808000
400 18787 5.47 7514800 3.33 680513 4:11 682500
500 26050 7.58 13025000 5.77 1179496 5:11 1183000
600 8943 2.60 5365800 2.38 485907 6:11 488000
700 55556 16.17 38889200 17.24 3521664 26:41 3522500
800 6965 2.03 5572000 2.47 504580 29:40 505000
900 2004 0.58 1803600 0.80 163327 9:11 163900
1000 9098 2.65 9098000 4.03 823682 10:11 823900
1100 & onwards 81020 23.58 120089200 53.23 10874838 Firm Proportionate

B) ALLOCATION TO NON-INSTITUTIONAL BIDDERS
The Basis of Allocation to the Non-Institutional Bidders, who have bid for at the'Issue Price of Rs. 64/- per Equity Share, was finalized in consultation with NSE. The Company has received 697 valid applications for 272825200 Equity Shares in this category resuitjng in 40.06 times subscription. The category-wise details of the Basis of allotment are as under:

Category No. of Applications % to Total Total No.
of Shares
Applied
% to Total Proportionate Allocation Ratio Total No. of
Shares Allocated
1600 57 8.18 91200 0.03 2276 8:57 800
1700 12 1.72 20400 0.01 509 1:6 200
1800 3 0.43 5400 0.00 135 1:3 100
1900 4 0.57 7600 0.00 190 1:4 100
2000 79 11.33 158000 0.06 3944 64:79 6400
2100 2 0.29 4200 0.00 105 1:2 100
2200 4 0.57 8800 0.00 220 1:2 200
2300 4 0.57 9200 0.00 230 1:2 200
2400 5 0.72 12000 0.00 300 3:5 300
2500 6 0.86 15000 0.01 374 2:3 400
3000 17 2.44 51000 0.02 1273 11:17 1100
3100 12 1.72 37200 0.01 929 2:3 800
3200 3 0.43 9600 0.00 240 2:3 200
3500 4 0.57 14000 0.01 349 3:4 300
4000 12 1.72 48000 0.02 1198 5:6 1000
2800, 3900 & 4200 onwards 473 67.86 272333600 99.82 6797734 Firm Proportionate

C) ALLOCATION TO QUALIFIED INSTITUTIONAL BUYERS
Al! the bidders in the QlBs category, who have bid at ttie Issue Price of Rs.64/- per Equity Share, have been considered while preparing the basis of allotment. The Company has received 271 valid applications for 2908733800 Equity Shares in this category resulting in 71.18 times subscription. The category-wise details of the Basis of allotment are as under:

Category Fls/ Banks MFs FIIS Insurance Companies Foreign Banks Venture Capital Total
No. of Equity Shares 2972470 7249304 29510744 1101400 20866 5216 40860000

D) ALLOCATION TO ELIGIBLE EMPLOYEES
All the bidders in the Employees category, who have bid at cut-off or at the Issue Price of Rs.64/- per Equity Share, have been considered while preparing the basis of allotment. The Company has received 576 valid applications for 2645900 Equity Shares in this category resulting in 2.20 times subscription. The category-wise details of the Basis of allotment are as under:

Category No. of Applications % to Total Total No. of Shares
Applied
% to Total Proportionate Allocation Ratio Total No. of
Shares Allocated
100 47 8.16 4700 0.18 2132 15:47 1500
200 34 5.90 6800 0.26 3084 29:34 2900
300 & onwards 495 85.94 2634400 99.56 1193983 Firm Proportionate

The IPO Committee of Board of Directors of the Company vide resolution dated February 15, 2007, has approved the basis of allocation of Equity Shares and allotted the Equity Shares to various successful applicants.

The Confirmation of Allocation Note ('CAN') and Refund Orders / Direct Credit / RTGS / ECS In respect of refunds due to applicants have been dispatched / credited to the address of the investors as registered with the depositories by February 17,2007. tn case the same is not received within ten (10) 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 Equity Shares allotted to successful applicants are being credited to their respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Listing application has been filed with National Stock Exchange of India Limited ('NSE') on February 16, 2007 and with The Bombay Stock Exchange Limited ('BSE') on February 19,2007. The Company is taking steps to get the Equity Shares admitted for trading on NSE and BSE within seven (7) working days from the date of approval of Basis of Allocation.

INVESTORS PLEASE NOTE
These details of allocation made would be hosted on the website of the Registrar to the Issue, Sharepro Services India Pvt. Limited at www.shareproservices.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue, Sharepro Services India Pvt. Ltd., 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 Syndicate, Place where the bid was submitted and payment details at the address given below:

Sharepro Services India Pvt. Limited,
3rd Floor, Satam Industrial Estate, Above Bank of Baroda, Cardinal Gracious Road
Chakala, Andheri ( E), Mumbai - 400 099
Tel: +91 22 28215168/69,28508924/30 , Fax: +91 22 28508927,
Website: www.shareproservices.com, Email: ipofirstsource@shareproservices.com,
Contact person: Mr. Ravi Phuipagar

This communication is intended for release solely in India. This communication is not an offer of securities for sale in any other jurisdiction, including the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933.

 

Place: Mumbai
Date: February 19, 2007

For Firstsource Solutions Limited
Sd/-
Ananda Mukerji
Managing Director and CEO

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF FIRSTSOURCE SOLUTIONS LIMITED.

Firstsource IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Firstsource IPO?

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

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

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

  3. 3. What is Firstsource IPO allotment process?

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