Gujarat Pipavav IPO Details

Issue Open Aug 23, 2010
Issue Close Aug 26, 2010
IPO Price ₹46
Face Value ₹10
IPO Size ₹500.00 Cr
Listing At BSE, NSE
IPO Lot Size 130

GUJARAT PIPAVAV PORT LTD.

(Our Company was incorporated as Gujarat Pipavav Port Limited on August 5,1992, a public limited company under the Companies Act, 1956.) Registered Office: Pipavav Port, At Post Uchchaiya via Rajula, District Amreli, Gujarat- 365 560. Tel: +91-2794-3024 00, Fax: +91-2794-302 402. Corporate Office: 301, Trade Centre, Bandra Kuria Complex, Bandra (East), Mumbai- 400051.Tel:+ 91-22-3001 1300, Fax: +91-22-3001 1333.Email:ipo@portofpipavav.com Website:www.pipavav.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 108,695,652 EQUITY SHARES OF Rs. 10 EACH OF GUJARAT PIPAVAV PORT LIMITED ("GPPL" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 46 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 36 PER EQUITY SHARE) AGGREGATING TO Rs. 5,000.00 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 11,707,369 EQUITY SHARES BY THE INFRASTRUCTURE FUND OF INDIA, LLC AND THE INDIA INFRASTRUCTURE FUND, LLC (THE "SELLING SHAREHOLDERS") ("OFFER FOR SALE" AND TOGETHER WITH THE FRESH ISSUE THE "ISSUE"). THE ISSUE ALSO INCLUDES A RESERVATION OF UPTO 2,173,913 EQUITY SHARES OF Rs. 10 EACH AGGREGATING TO Rs. 100.00 MILLION FOR THE ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION IS REFERRED TO AS THE "NET ISSUE". THE ISSUE WILL CONSTITUTE 28.4% OF THE POST ISSUE PAID UP CAPITAL OF OUR COMPANY. THE NET ISSUE WILL CONSTITUTE 27.9% OF THE POST ISSUE PAID UP CAPITAL OF OUR COMPANY.

THE COMPANY HAS ALLOTTED 20,482,326 EQUITY SHARES TO ANCHOR INVESTORS AT RS. 46 PER EQUITY SHARE IN ACCORDANCE WITH SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED

THE FACE VALUE OF EQUITY SHARES IS RS. 10 EACH. THE ISSUE PRICE IS 4.2 TIMES THE FACE VALUE AT THE LOWER END OF THE PRICE BAND AND 4.8 TIMES THE FACE VALUE AT THE HIGHER END OF THE PRICE BAND.

The Company is undertaking the Issue in accordance with the first proviso to Rule 19(2)(b)(ii) of the Securities Contracts Regulations Rules, 1957, as amended ("SCRR"). This Issue is being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"). 5% of the QIB Portion (exduding Anchor investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocationon a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue 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. If at least 60% of the Net Issue cannot be allotted to QIBs, then the entire application money shall be refunded forthwith. Further, up to 2,173,913 Equity Shares shall be available for allocation on a proportionate basis to Eligible Employees, subject to valid bids being received at or above the Issue Price. The Issue shall be for more than 25% of the post-Issue capital. Potential investors may participate in this Issue through an Application Supported by Blocked Amount providing details about the bank account which will be blocked by the Self Certified Syndicate Bank for the same.

The Issue received 237,320 applications for 2,229,127,290 equity shares resulting in 18.51 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Bidders, Employees and Anchor Investor categories areas under: (Before technical rejections)

Sr.No. Category No. of Applications Received No. of Equity Shares No. of times subscribed
A Retail Individual Bidders 236644 347898070 9.81
B Non Institutional Bidders 474 1088480770 92.07
C Qualified Institutional Bidders 90 746796180 14.80
D Employees 92 126360 0.06
E Anchor Investors 20 45825910 2.24
Total 237320 2229127290 18.51

Final Demand
A summary of the final demand as per the BSE and the NSE as on the Bid/ Issue Closing Date at different bids is as detailed hereunder:

Bid Price No. of Shares % to total Cumulative Total Cumulative % of Total
42 16288090 0.56 16288090 0.56
43 96850 0.00 16384940 0.57
44 202150 0.01 16587090 0.57
45 399059050 13.77 415646140 14.34
46 313649310 10.82 729295450 25.16
47 7610070 0.26 736905520 25.42
48 1829088170 63.09 2565993690 88.51
Cutoff Price 333027760 11.49 2899021450 100.00

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange Limited ("NSE") on September 02,2010.

A. Employees

The Basis of Allocation to the employees of Gujarat Pipavav Port Ltd, who have bid at cut-off or above the Issue Price of Rs.46/- per Equity Share was finalized in consultation with NSE. The total number of shares allotted in this category is 123,500. The undersubscribed portion of 615124 shares have been spilled over to QIBs, Non-Institutional Bidders and Retail Individual Investor Category in the ratio of 6:1:3 respectively.

B. Allocation to Retail Individual Bidders (Including Applications Supported by Blocked Amount ("ASBA")) (After Technical Rejections)

The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.46/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 9.53 times. There were 40392 applications for 640192540 equity shares made under ASBA process. Of these 39433 applications for 637092430 equity shares were found valid and on proportionate basis the Company has allotted to 26857 investors aggregating to 44301353 shares. The total number of shares allotted in Retail Individual Bidders category is 36,083,856 Equity Shares which were allotted to 181,701 successful applicants. The category-wise details of the Basis of Allocation are as under:

Category No. of Applications % to total Total No. of Equity Shares applied % of total No. of Equity Shares allocated Ratio Total No. of Equity Shares allocated
130 21041 9.05 2735330 0.80 130 1:9 303940
260 16123 6.94 4191980 1.22 130 7:33 444600
390 9477 4.08 3696030 1.07 130 6:19 389090
520 9795 4.21 5093400 1.48 130 8:19 536120
650 6661 2.87 4329650 1.26 130 10:19 455780
780 2997 1.29 2337660 0.68 130 7:11 247910
910 2909 1.25 2647190 0.77 130 14:19 278590
1040 13277 5.71 13808080 4.02 130 16:19 1453530
1170 2061 0.89 2411370 0.70 130 17:18 253110
1300 4243 1.83 5515900 1.60 136 FIRM 577048
Additional 1 3:23 553
1430 1058 0.46 1512940 0.44 150 FIRM 158700
1560 1447 0.62 2257320 0.66 164 FIRM 237308
1690 719 0.31 1215110 0.35 177 FIRM 127263
1820 673 0.29 1224860 0.36 191 FIRM 128543
1950 2205 0.95 4299750 1.25 205 FIRM 452025
2080 137797 59.27 286617760 83.34 218 FIRM 30039746

C. Allocation to Non Institutional Bidders (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Bidders, who have bid at or above the Issue Price of Rs.46/- per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 90.46 times. The total number of shares allotted in Non Institutional Investors category is 12,027,952 Equity Shares which were allotted to 359 successful applicants. The category-wise sample details of the Basis of Allocation are as under:

Category No. of Applications % to total Total No. of Equity Shares applied % of total No. of Equity Shares allocated Ratio Total No. of Equity Shares allocated
2210 14 3.41 30940 0.00 130 3:14 390
2600 9 2.19 23400 0.00 130 2:9 260
5200 5 1.22 26000 0.00 130 2:5 260
10400 13 3.16 135200 0.01 130 9:13 1170
50050 1 0.24 50050 0.00 553 FIRM 553
200200 1 0.24 200200 0.02 2213 FIRM 2213
499980 1 0.24 499980 0.05 5527 FIRM 5527
2600000 1 0.24 2600000 0.24 28740 FIRM 28740
9376900 1 0.24 9376900 0.86 103652 FIRM 103652
37499930 1 0.24 37499930 3.45 414521 FIRM 414521
37500060 1 0.24 37500060 3.45 414523 FIRM 414523
39780000 2 0.49 79560000 7.31 439715 FIRM 879430

D. Allocation to QIBs

The Basis of Allocation to the Qualified Institutional Bidders, who have bid above the Issue price of Rs.46/- per Equity Share was finalized on the price priority basis. Overall 86 applications for 723901880 Equity Shares were found valid and the quantum of shares allotted to this category is 51685387 and on proportionate basis.

Category Fls/Banks Flls MFs ICs PFs Others Total
No. of Equity Shares allocated 8430906 33441017 18612723 9855555 50062820 120403021

E. Anchor Investors

The Company allotted 20,482,326 equity shares to 20 Anchor Investors in consultation with the Lead Managers.

The IPO Committee of the Board of Directors of the Company at its Meeting held at Hyderabad on 3rd September, 2010 has approved the basis of allocation of Equity Shares of the Issue and has accordingly allotted the Equity Shares to the Bidders.

The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to 07.09.2010. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to 07.09.2010. In case the same is not received within 10 days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.

Commencement of Trading: The Equity Shares are expected to be admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on September 09,2010 subject to receipt of necessary approvals.

INVESTORS PLEASE NOTE

This details of the allocation made would be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.com

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 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:

Karvy Computershare Private Limited
Unit: Gujarat Pipavav Port Limited,
Plot No. 17 to 24, Vithalrao Nagar, Hitech City Road, Madhapur, Hyderabad - 500 081
Fax: 040-23420814, Email: einward.ris@Karvy.com

TOLL FREE - HELPLINE NUMBER
1-800-3454001

Place: Mumbai
Date: September 07,2010
For Gujarat Pipavav Port Limited
Sd/-
ManishAgnihotri
Company Secretary

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 GUJARAT PIPAVAV PORT LIMITED.

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

Gujarat Pipavav Port Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Prospectus with the Registrar of Companies. The Prospectus is available on the website of the Securities & Exchange Board of India at www.sebi.gov.in; on the websites of the BRLMs at www.kotak.com and www.idfccapital.com; that of the Co-BRLM at www.idbicapital.com.

Gujarat Pipavav IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Gujarat Pipavav IPO?

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

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

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

  3. 3. What is Gujarat Pipavav IPO allotment process?

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