GTPL Hathway IPO Details

Issue Open Jun 21, 2017
Issue Close Jun 23, 2017
IPO Price ₹170
Face Value ₹10
IPO Size ₹484.80 Cr
Listing At BSE, NSE
IPO Lot Size 88

GTPL HATHWAY LIMITED

Our Company was incorporated on August 21, 2006 at Ahmedabad as 'Gujarat Tele Link Private Limited', as a private imited company under the Companies Act, 1956. Pursuant to a resolution of our Board of Directors dated April 12,2013 and a resolution of our shareholders dated April 12,2013, the name of our Company was changed to 'GTPL Hathway Private Lmited' and a fresh certificate of incorporation consequent upon change of name was granted by the RoC on May 6, 2013. Our Company was converted into a public limited company pursuant to approval of the board at a board meeting hald on Augusl 23, 2016 and shareholders at an extraordinary general rneeling held on August 26, 2016. Consequently, the name of our Company was changed to 'GTPL Hathway Lmited' and  a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to our Common by the Roc on September 28,2016. For details of changes in the name and registered office of our Company see "History and Certain Corporate Matters" on page 186 of the Prospectus dated June 27, 2017 ("Prospectus').

Registered Office: 202, Sahajangnd Shopping Center, Opposite Swaminarayan Mandir, Shahibaug, Ahmedabad 380004 Gujarat, India; Tel; +9179 3028 0340/41; Fax; +91 79 2562 6477
Corporate Office: "GTPL HOUSE", Shree One Building, Opposite Armieda, Sindhu Bhavan Road, Near Pakwan Cross Road, Bodakdev, Ahmadabad 380059, Gujarat, India Tel: +91 796140 0000; Fax: +91 79 6140 0007. Contact Person: Mr. Tarun Kumar,
Company Secretary and Compliance Officer: Tel: +91 796140 0002. Fax: +91 796140 0007; Email: complianceofficer@gtpl.net Website: www.gtpl.net
Corporate Identity Number: U64204GJ2006PLC048908

OUR PROMOTERES: MR. ANIRUDDHASINHAJI JADEJA, MR. KANAKSINH RANA, GUJARAT DIGI COM PRIVATE LIMITED AND HATHWAY CABLE AND DATACOM LIMITED

Our Company has filed the Prospectus with the Registrar of Companies, Ahmedabad and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") and the trading will commence on or about July 4, 2017.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 28,517,650 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ("EQUITY SHARES") OF GTPL HATHWAY LIMITED (OUR "COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF RS 170 PER EQUITY SHARE ("OFFER PRICE") AGGREGATING TO RS 4,848 MILLION ("OFFER") COMPRISING A FRESH ISSUE OF 14,117,650 EQUITY SHARES AT APRICE OF RS 170 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 160 PER EQUITY SHARE AGGREGATING TO RS 2,400 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 14,400,000 EQUITY SHARES AT A PRICE OF RS 170 PER EQUITY SHARE COMPRISING OF 1,136.000 EQUITY SHARES BY MR. ANIRUDDHASINHJI JADEJA, OUR PROMOTER, 440,000 EQUITY SHARES BY MR. KANAKSINH RANA, OUR PROMOTER. 5,480,000 EQUITY SHARES BY GUJARAT DIGI COM PRIVATE LIMITED, OUR PROMOTER. 7,200,000 EQUITY SHARES BY HATHWAY CABLE AND DATACOM LIMITED, OUR PROMOTER AND 144,000 EQUITY SHARES BY MR.AMIT SHAH, A SELLING SHAREHOLDER (COLLECTIVELY THE "SELLING SHAREHOLDERS") AGGREGATING TO RS 2,448 MILLION ("OFFER FOR SALE"). THE OFFER CONSTITUTES 25.36% OF OUR POST OFFER PAID-UP EQUITY SHARE.CAPITAL OF OUR COMPANY.

OFFER PRICE: RS 170 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
THE OFFER PRICE IS 17 TIMES THE FACE VALUE
ANCHOR INVESTOR OFFER PRICE: RS 170 PER EQUITY SHARE

Risks to Investors

i. The 4 Merchant Bankers associated with the Offer have handled 16 public issues in the past three years out of which 4 issues closed below the issue price on listing date*
ii. The price/earnings ratio based on diluted EPS of Rs 8.09 per equity share on consolidated basis and of Rs 8.24 per equity share on standalone basis in Fiscal 2015 for the Issuer at the upper end of the Price band is as high as 21.01 on a consolidated basis and 20.63 on a standalone basis, respectively as compared to the price/earnings ratio of Ortel Communications Limited of 19.95 on standalone basis.#
iii. The average cost of acquisition of Equity Shares for our Selling Shareholders, namely, Mr, Aniruddhasinhji Jadeja is Rs 0.48 Hathway Cable and Datacom Limited is 40.19, Gujarat Digi Com Private Limited is Rs 65.09, Mr. Kanaksinh Rana is Rs 0.48 and for Mr. Amit Shah is Nil.
iv. The weighted average return on net worth for Fiscals 2014, 2015 and 2016 based on IND
(AS) Restated Standalone and Consolidated Financial Statements is 3.11% and 2.02%
respectively.

* Financial Years 2016-17, 2015-16 and 2014-15 have been considered as past 3 years.
# Based on financial statement prepared under Indian GAAP. For the other companies to the peer group, price to earning is Not Applicable as they have negative EPS for Fiscal 2016

OFFER PERIOD: OPENED ON: WEDNESDAY, JUNE 21, 2017
CLOSED ON FRIDAY, JUNE 23, 2017
ANCHOR INVESTOR BIDDING DATE; TUESDAY, JUNE 20, 2017

In terms of Rule 19(2)(b)(ii) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR"). ihis was an Offer for at least such percentage of the post-Offer paid-up Equity Share capital of our Company which was equivalent to Rs.4,000,00 million calculated at the Offer Price and the post-Offer capilal of our Company calculated at the Offer Price is more than Rs.16,000 million but less than or equal to Rs.40,000 million. 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"), wherein not more than 50% of the Offer was available for allocation on a proportionate basis to qualified institutional buyers ("QIBs"). Our Company and the Selling Shareholders, in consultation with the BRLMs, have allocated 60% of the QIB Portion to Anchor investors ("Anchor Investor Portion") on a discretionary basis, out of which at least one-third was available for allocation to Mutual Funds only subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Such number of Equity Shares representing 5% of the Net QIB Portion (defined herein below) was available for allocation on a proportionate basis to Mutual Funds only, and the remaining Net QIB Portion was available for allocaljon on a proportionate basis to all QIBs, including Mutual Funds subject to valid Bids being revived at or above Offer Price. Further, not less than 15% of the Offer was available for allocation on a proportionate basis to Non Institutional Investors and not less than 35% of the Offer was available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids received from them at or above Ihe Offer Price. All investors (except Anchor Investors) were required to mandatorily participate in the Offer only through the Application Supported by Bocked Amount ("ASBA") process, and were required to details of their respective bank account in which the Bid amount was blocked by the Self Certified Syndicate Banks ("SCSBs"), For further details, see "Offer Procedure" on page 305 of the Prosperous.

The Offer received 76,703 applications for 38,649,072 Equity Shares (prior to technical rejections) resulting in 1.3553 times subscription. The details of the applications received in the Offer from various categories are as under: (before technical rejections):

Category

No. of
Applications
No. of Equity
Shares applied
Equity Shares
reserved#
No. of times
Subscribed
Amount(Rs)
A Retail Individual Bidders 76,609 9,474,784 9,981,178 0.9493 1,611,397,352
B Non-Institutionalonal Bidders 72 11,977,944 4,277,648 2.8001 2,036,250,480
C Qualified Institutionalonal Bidders 12 8,640,984 5,703,530 1.5150 1,468,967,280
D Anchor Investors 10 8,555.360 8,555,294 1.0000 1,454,411,200

Total

76,703 38,649,072 28,517,650 1.3553 6,571,026,312

# at the upper end of the Price Band

Final Demand
A summary of the final demand as per BSE and NSE on the Offer Closing Date at different Bid prices is as under.

Bid
Price
No. of
Equity Shares
% to
Total
Cumulative
Total
Cumulative
% of Total
167 76,472 0.25 76,472 0.25
168 49,544 0.16 126,016 0.41
169 38,544 0.12 164,560 0.53
170 22,238,480 71.56 22,403,040 72.09
CUTOFF 8,674,864 27.91 31,077,904 100.00
TOTAL 31,077,904 100.00

The Basis of Allotment was finalized in consultation with NSE on June 29, 2017.

A. Allotment to Retail Individual Investors (after technical rejections)
The Basis of Allotment to the Retail Individual Investors, who have placed Bid at the Cut-Off Price or at the Offer Price of Rs.170 per Equity Share, was finalized in consultation with NSE.This category has been subscribed to the extent of 0.9263 times. The total number of Equily Shares Allotted in the Retail Portion is 9,245,104 Equity Shares to 74,703 successful Retail individual Investors. The under subscribed portion of 736,074 Equily Shares in the Retail Portion was spilled over to QIB Portion and Non-Institutional Portion in the ratio of 50:15 i.e. 566,210 Equity Shares to QIBs and 169,864 Equity Shares to Nils. 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 Bidder
Ratio Total No.
of Equily
Shares Allotted
88 67,309 90.10 5,923,192 64.07 88 1:1 5,923,192
176 3,365 4.50 592,240 6.41 176 1:1 592,240
264 1,039 1.39 274,296 2.97 264 1:1 274,296
352 401 0.54 141,152 1.53 352 1:1 141,152
440 471 0.63 207,240 2.24 440 1:1 207,240
528 241 0.32 127,248 1.38 528 1:1 127,248
616 159 0.21 97,944 1.06 616 1:1 97,944
704 49 0.07 34,496 0.37 704 1:1 34,496
792 29 0.04 22,968 0.25 792 1:1 22,968
880 165 0.22 145,200 1.57 880 1:1 145,200
968 26 0.03 25,168 0.27 968 1:1 25,168
1056 42 0.06 44,352 0 48 1056 1:1 44,352
1144 1,407 1.88 1,609,608 17.41 1144 1:1 1,609,608
Total 74,703 100.00 9,245,104 100.00 9,245,104

B. Allotment to Non-Institutional Investors (After Technical Rejections)
The Basis of Allotment to the Non-lnstitutional Investors, who have placed Bid at the Offer Price of Rs.170 per Equity Share, was finalized in consultation with NSE. The Non-lnstitutional Portion has been subscribed to the extent of 2,6923 times. The total number of Equity Shares Allotted in this category is 4,447,512 Equity Shares to 69 successful Non-Institutional Investors (including under subscribed portion of 169,864 Equity Shares spilled over from Retail Portion). The category-wise details of the Basis of Allotment are as under: (sample as under)

Category No. of
Applications
Received
% of
Total
Total No.
of Equity
Shares Applied
% to
Total
No.of Equity
Shares Allotted
per Bidder
Ratio Total No.
of Equily
Shares Allotted
1,232 26 37.68 32,032 0.27 458 1:1 11,908
5,808 2 2.90 11,616 0.10 2,157 1:1 4,314
19,536 1 1.45 19,536 0.16 7,256 1:1 7,256
149,952 1 1.45 149,952 1.25 55,696 1:1 55,696
294,096 1 1.45 294,096 2.46 109,234 1:1 109,234
470,536 1 1.45 470,536 3.93 174,768 1:1 174,768
588,192 2 2.90 1,176,384 9.82 218,467 1:1 436,934
882,288 3 4.35 2,646,864 22.10 327,700 1-1 983,100
1,470.568 1 1.45 1,470,568 12.28 546,200 1:1 546,200
4,411,704 1 1.45 4,411,704 36.64 1,638,607 1:1 1,638,607

C. Allotment to QIBs excluding Anchor Investors
Allotment to QIBs (excluding Anchor Investors), who have placed Bid at the Offer Price of Rs 170 per Equity Share, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 1.3782 times of QIB Portion. As par the SEBIICDR Regulations, Mutual Funds were Allotted 5% of the QIB Portion available and under subscribed portion of 23,310 Equity Shares spilled over from Retail Portion i.e. 313,487 Equity Shares and other QIBs, including Mutual Funds were Allotted the remainng available Equity Shanes i.e. 5,956,253 Equity Shares on a proportionate basis (including under subscribed portion of 537,900 Equily Shares spilled over from Retail Portion). The total number of Equity Shares Allotted in the QIB Portion is 6,269,740 Equity Shares (including under subscribed portion of 566,210 Equity Shares spilled over from Retail Portion), which were allotted to 12 successful QIB Bidders The category-wise details of the Basis of Allotment are as under

Category Fls/Banks MFs ICs VCs AIF Fll FPC Total
QIB 420,705 1,436,981 631,121 - - - 3,780,933 6,269,740

D. Allotment to Anchor lnvestors
The Company and the Selling Shareholders, in consultation with the BRLMs. have allocated 8,555,294 Equity Shares to 6 Anchor Investor (through 10 Applications) at the Anchor investor Offer Price of Rs.170 per Equity Share in accordance with the SEBI ICDR Regulations. This represent 60.0% of the QIB Portion.

Category Fls/Banks MFs ICs VCs AIF Fll FPC Total
QIB - 2,764,696 - - - - 5,790,598 8,555,294

The Offer Committee of our Company on June 30, 2017 has taken on record the Basis of Allotment approved by NSE and has allotted the Equily Shares to various successful Bidders. The allotment advice cum refund intimations and/ or notices will be dispatched to the addresses of the investors, as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks for unblocking of funds and transtor to Public Offer Account have been issued on June 30,2017 and payment to non-Syndicate brokers have been issued on July 3,2017. In case the same is not received within six Working Days, Bidders may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploadede on June 30, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on June 30,2017 and the trading will commence on July 4, 2017.

All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made have been hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in

All future correspondence in this regard may/ kindly be addressed to the Registrar to the Offer quoting full name of the first/sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equily Shares applied for, the name and address of the Designated intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

Link intime India Private Limited
C,101, 1st Floor, 247 park, L B S Marg,
Vikhroli (Wast), Mumbai 400 083, India
Telephone: +91(22)4918 6200; Facsimile: +91 (22)4918 6195
Email: gtpl.ipo@linkintime.co.in ; investor grievance id: gtpl.ipo@linkintime.co.in
Website, www.linkintime.co.in : Contact person. Ms. Shanti Gopalkrishnan
SEBI registration number: INR000004058; CIN - U67190MH1999PTC118368

Place: Mumbai
Date: July 3,2017
For GTPL HATHWAY LIMITED
On behalf of the Board of Directors
sd/-
Company Secretary and Compliance Officer

GTPL Hathway IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in GTPL Hathway IPO?

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

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

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

  3. 3. What is GTPL Hathway IPO allotment process?

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