Fortis Healthcare IPO Details

Issue Open Apr 16, 2007
Issue Close Apr 20, 2007
IPO Price ₹108
Face Value ₹10
IPO Size ₹496.76 Cr
Listing At BSE, NSE
IPO Lot Size 60

FORTIS HEALTHCARE LIMITED

(The Company was incorporated on February 28,1996 as a public limited company under the Companies Act, 1956)       Registered Office: Piccadily House, 275-276,4th Floor, Captain Gaur Marg, Srinivas Puri, New Delhi-110065, India; Phone: +91 114229 5222; Fax: +91 114180 2121;
Email: fortisipo@fortishhealthcare.com; Contact Person: Ms. Neerja Sharma
Tel: +91 11 2682 5000; Website: www.fortishealthcare.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 45,996,439 EQUTTY SHARE OF RS.10 EACH FOR CASH AT A PRICE OF RS.108 PER EQUITY SHARE AGGREGATING RS.4967.62 MILLION (THE 'ISSUE')BY FORTIS HEALTHCARE LIMITED('FORTIS HEALTHCARE' OR THE 'COMPANY'OR THE 'ISSUER'). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 45,753,963 EQUITY SHARES OF RS.10 EACH (THE 'NET ISSUE') AND A FIRM ALLOTMENT OF 242,476 EQUITY SHARES OF RS.10 EACH TO THE ELIGIBLE EMPLOYEES OF THE COMPANY, AT THE ISSUE PRICE. THE ISSUE WILL CONSTITUTE UPTO 20.19% OF THE FULLY DILUTED POST-ISSUE PAID-UP CAPITAL OF THE COMPANY.

THE ISSUE PRICE OF THE EQUITY SHARES IS RS.108 PER EQUITY SHARE WHICH IS 10.8 TIMES THE  FACE VALUE OF THE EQUITY SHARES.

The Issue was made through the 100% Book Building Process wherein atleast 60% of the Net Issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that would be specifically reserved for Mutual Funds). Further, not less than 10% of the  Net Issue was to be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net issue was to be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. 242,476 shares were to be allotted on a Firm Allotment basis to Eligible Employees. The Issue opened for subscription on April 16,2007 and closed on April 20,2007. The Issue received 118,206 applications for 128,449,696 Equity Shares resulting in 2.79 times subscription. The details of the applications received in the Issue from QIBs, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employee categories are as under.

Category No. of Applications No. of shares bid Subscription
Qualified Institutional Buyers 29 81,567,180 2.9712
Non-Institutional Bidders 358 5,218,740 1.1406
Retail Individual Bidders 117,714 41,421,300 3.0177
Employees 105 242,476 1.0000

Final Demand
The final demand at different bid prices is as under:

Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % to total
92 7535040 5.63 133807680 100.00
93 5580 0.00 126272640 94.37
94 3840 0.00 126267060 94.36
95 12140940 9.07 126263220 94.36
96 4320 0.00 114122280 85.29
97 59400 0.04 114117960 85.29
98 45600 0.03 114058560 85.24
99 3360 0.00 114012960 85.21
100 4553460 3.40 114009600 85.20
101 213360 0.16 109456140 81.80
102 7440 0.01 109242780 81.64
103 17880 0.01 109235340 81.64
104 67080 0.05 109217460 81.62
105 608520 0.45 109150380 81.57
106 2400 0.00 108541860 81.12
107 1980 0.00 108539460 81.12
108 3720 0.00 108537480 81.11
109 5880 0.00 108533760 81.11
110 66867900 49.97 108527880 81.11
CUT OFF 41659980 31.13 41659980 31.13
TOTAL 133807680

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited ('BSE') on Saturday, April 30,2007.

A) Allocation to Employees
The Basis of Allotment to the Employees in the Firm Allotment category, who bid at the cut-off price or at the Issue Price of Rs. 108 per Equity Share, was finalized in consultation with the BSE. The Company received 105 valid applications for 242,476 Equity Shares as against a Firm Allotment portion of 242476 Equity Shares resulting in 1.00 times subscription. The category wide details of the Basis of Allotment are given below (Sample):

Category No. of
Applications
% to total No. of
Equity Shares
Applied
% to total No. of
Equity Shares
Allocated
Ratio Total No. of
Equity Shares
Allocated
48 1 0.95 48 0.02 48 FIRM 48
100 2 1.9 200 0.08 100 FIRM 200
160 5 4.76 800 0.33 160 FIRM 800
208 2 1.9 416 0.17 208 FIRM 416
300 4 3.81 1200 0.49 300 FIRM 1200
400 11 10.48 4400 1.81 400 FIRM 4400
480 1 0.95 480 0.2 480 FIRM 480
546 1 0.95 546 0.23 546 FIRM 546
800 7 6.67 5600 2.31 800 FIRM 5600
1120 1 0.95 1120 0.46 1120 FIRM 1120
1280 1 0.95 1280 0.53 1280 FIRM 1280
1760 1 0.95 1760 0.73 1760 FIRM 1760
2000 4 3.81 8000 3.3 2000 FIRM 8000
2400 1 0.95 2400 0.99 2400 FIRM 2400
3600 2 1.9 7200 2.97 3600 FIRM 7200
5900 1 0.95 5900 2.43 5900 FIRM 5900
10000 1 0.95 10000 4.12 10000 FIRM 10000
16000 1 0.95 16000 6.6 16000 FIRM 16000
57034 1 0.95 57034 23.52 57034 FIRM 57034

B) Allocation to Retail Investors
The Basis of Allotment to the Retail Individual Bidders, who bid at the cut-off price or at the Issue Price of Rs. 108 per Equity Share, was finalized in consultation with the BSE. The Company received 114,567 valid applications for 40,476,480 Equity Shares in this category resulting in 2.94 times subscription. The total number of Equity Shares allotted in this category is 13726238. The category wide details of the Basis of Allotment are given below:

Category No. of Applications % to total No. of Equity Shares Applied % to total No.of Equity Shares Allocated Ratio Total No. of
Equity Shares Allocated
60 19163 16.73 1149780 2.84 60.00 35:102 394560
120 18856 16.46 2262720 5.59 60.00 35:51 776400
180 12220 10.67 2199600 5.43 61.00 FIRM 745420
240 7954 6.94 1908960 4.72 81.00 FIRM 644274
300 8483 7.40 2544900 6.29 102.00 FIRM 865266
360 3777 3.30 1359720 3.36 122.00 FIRM 460794
420 17866 15.59 7503720 18.54 142.00 FIRM 2536972
480 2165 1.89 1039200 2.57 163.00 FIRM 352895
540 745 0.65 402300 0.99 183.00 FIRM 136335
600 2177 1.90 1306200 3.23 203.00 FIRM 441931
660 381 0.33 251460 0.62 224.00 FIRM 85344
720 493 0.43 354960 0.88 244.00 FIRM 120292
780 291 0.25 226980 0.56 265.00 FIRM 77115
840 507 0.44 425880 1.05 285.00 FIRM 144495
900 19489 17.01 17540100 43.33 305.00 FIRM 5944145

C) Allocation to Non Institutional Bidders
The Basis of Allotment to the Non Institutional Bidders, who bid at the cut-off price or at the Issue Price of Rs. 108 per Equity Share, was finalized in consultation with the BSE. The Company received 256 valid applications for 4,881,480 Equity Shares in this category resulting in 1.06 times subscription. The total number of Equity Shares allotted in this category is 4,575,347. The category wide details of the Basis of Allotment are given below (Sample):

Category No. of Applications % to total No. of
Equity Shares
Applied
% to total No. of
Equity Shares
Allocated
Ratio Total No. of
Equity Shares
Allocated
960 41 16.02 39360 0.81 900 FIRM 36900
1200 21 8.2 25200 0.52 1124 FIRM 23604
1500 4 1.56 6000 0.12 1406 FIRM 5624
2100 3 1.17 6300 0.13 1968 FIRM 5904
3060 1 0.39 3060 0.06 2868 FIRM 2868
4200 1 0.39 4200 0.09 3937 FIRM 3937
5100 1 0.39 5100 0.1 4780 FIRM 4780
6300 2 0.78 12600 0.26 5905 FIRM 11810
7020 1 0.39 7020 0.14 6580 FIRM 6580
9060 2 0.78 18120 0.37 8492 FIRM 16984
10320 1 0.39 10320 0.21 9673 FIRM 9673
12000 2 0.78 24000 0.49 11248 FIRM 22496
15000 1 0.39 15000 0.31 14059 FIRM 14059
18240 2 0.78 36480 0.75 17097 HRM 34194
24000 1 0.39 24000 0.49 22495 FIRM 22495
27300 2 0.78 54600 1.12 25588 FIRM 51176
45000 3 1.17 135000 2.77 42178 FIRM 126534
50040 1 0.39 50040 1.03 46902 FIRM 46902
59580 1 0.39 59580 1.22 55844 FIRM 55844
77280 1 0.39 77280 1.58 72434 FIRM 72434
81000 1 0.39 81000 1.66 75921 FIRM 75921
90000 1 0.39 90000 1.84 84357 FIRM 84357
100080 1 0.39 100080 2.05 93805 FIRM 93805
109140 1 0.39 109140 2.24 102297 FIRM 102297
250860 1 0.39 250860 5.14 235130 FIRM 235130

D) Allocation to QIBs
Allocation to QIBs was done on a proportionate basis. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available 27,452,378 Equity Shares. Other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining 26,079,759 Equity Shares.

Category Fls/Banks MFs FIIs Insurance Companies Provident Funds Total
No. of Shares - 11806628 15598547 47203 - 27452378

The IPO Committee of the Board at a meeting held in Gurgaon on April 30,2007 approved the Basis of Allotment of Equity Shares in the Issue and recommended the allotment of Equity Shares to successful applicants. The Refund Orders / allotment advice in respect of refunds due to applicants are being dispatched to the addresses of the investors as registered with the depositories. In case the same are not received within ten days, investors may contact the Registrar to the Issue 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 shares allocated to the successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is taking steps to get the Equity Shares admitted for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of Basis of Allotment.

INVESTORS PLEASE NOTE
These details of the allocation will also be available on the website of the Registrar to the Issue, Intime Spectrum Registry Limited, at http://www.intimespectrum.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting the full name of the First/Sole applicants, Serial number of the Bid-cum-Appiication Form, number of shares bid for, name of the Member of the Syndicate and place where the bid was submitted and payment details at the address given below:
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 shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Intime Spectrum Registry Limited
C-13,Pannalal SilkMillsCompound, LBS Marg, Bhandup(West), Mumbai 400078
Phone:(91-22)25960320; Fax: (91-22)25960329,
Email : fhlipo@intimespectrum.com Website: www.intimespectrum.com


Place: New Delhi
Date: April 30,2007.

For Fortis Healthcare Limited
Sd/-
Chairman

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 FORTIS HEALTHCARE LIMITED.

IMPORTANT RISK FACTOR FOR ATTENTION OF INVESTORS: In terms of a recent court order, the following extract of the Prospectus is disclosed: 'A civil suit has been filed by Anil Nanda, a member of the former Delhi Society, for a declaration and permanent injunction against Escorts Heart Institute and Research Limited ('EHIRCL'), among others, In the Delhi High Court seeking, inter alia, (a) to void the amalgamation of EWRCL's predecessors, Delhi Society and Chandigarh Society, and the subsequent Incorporation of the amalgamated society as a limited company (i.e., EHIRCL) and, by Implication, void the Escorts hospitals acquisition and (b) to restrain Escorts Limited from transferring or creating any third party rights with respect to Its shares in EHIRCL. The High Court has ordered the parties to maintain the status quo as of September 30,2005. If the plaintiff in this matter is successful, the merger and Incorporation which made EHIRCL a for-profit limited company in April and May 2000, respectively, could be annulled, as could our acquisition of EHIRCL. If either the merger or the Incorporation is annulled, we may be unable to recover the consideration we paid in respect of the Escorts hospitals acquisition. Although we may have a claim against the sellers in the Escorts hospitals acquisition for breach of warranty in the event the litigation challenging our corporate existence is resolved in a manner adverse to us, we may not be able to recover amounts paid by us in connection therewith from the sellers.''
AVAILABILITY OF PROSPECTUS: Investors are advised to refer to the Prospectus and the Risk Factors contained therein in relation to the Issue. The Prospectus is available at www.sebi.gov.in and at the websites of the Book Running Lead Managers at www.jmmorganstanley.com, www.citibank.co.in, www.kotak.com, and the BSE and the NSE at www.bseindia.com and www.nseindia.com.

Fortis Healthcare IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Fortis Healthcare IPO?

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

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

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

  3. 3. What is Fortis Healthcare IPO allotment process?

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