Innovative Ideals IPO Details

Issue Open Sep 24, 2018
Issue Close Sep 26, 2018
IPO Price ₹40
Face Value ₹10
IPO Size ₹12.26 Cr
Listing At BSE SME
IPO Lot Size 3000
(This is only an advertisement for Information purpose. This is not a Prospectus announcement and not for publication or distribution, directly or indirectly outside India.)
INNOVATIVE IDEALS AND SERVICES (INDIA) LIMITED

Our Company was originally incorporated as "Innovative Ideals and Services (India) Private Limited" at Mumbai, Maharashtra as a Private Limited Company under the provisions of Companies Act, 1956 vide Certificate of Incorporation dated December 06, 2000 bearing Corporate Identification Number U64201MH2000PTC129901 issued by the Assistant Registrar of Companies, Maharashtra, Mumbai. Subsequently, our Company was converted into a Public Limited Company pursuant to Special Resolution passed by the members in Extra-Ordinary General Meeting held on August 30, 2017 and the name of our Company was changed to "Innovative Ideals and Services (India) Limited" vide a Fresh Certificate of Incorporation dated September 21, 2017, issued by the Registrar of Companies, Maharashtra, Mumbai. The Corporate Identification number of our Company is U64201MH2000PLC129901. For details of Incorporation, Change of Name and Registered Office of our Company, please refer to chapter titled 'Our History and Certain Other Matters' beginning on page 157 of the Prospectus.

Registered Office: E- 202, 2nd floor, Skypark, Near Oshiwara Garden, Off Ajit Glass Road, Oshiwara, Goregoan (W), Mumbai-400104, Maharashtra, India
Tel No +91 022-67392121/26781173; Fax No.: NA; E-mail: investors@innovative.in ; Website: www.innovative.in
Contact Person: Bhagyashree Goyal, Company Secretary and Compliance Officer
PROMOTERS OF OUR COMPANY: MAQSOOD SHAIKH & TAZYEEN SHAIKH
BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER CONSISTING OF FRESH ISSUE OF 30,66,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID FOR CASH AT A PRICE OF RS. 40/- PER EQUITY SHARE (THE "ISSUE PRICE") (INCLUDING A SHARE PREMIUM OF RS. 30/- PER EQUITY SHARE) AGGREGATING TO RS. 1,226.40 LAKHS (THE "ISSUE"), OF WHICH 1,56,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 40/- PER EQUITY SHARE, AGGREGATING RS. 62.40 LAKHS HAS BEEN RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE 29,10,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 40/- PER EQUITY SHARE, AGGREGATING TO RS. 1,164.00 LAKHS IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.94% AND 25.57% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

Risks to Investors:

I. As on date of the Prospectus, the average cost of acquisition per Equity Share by our Promoters viz. Maqsood Shaikh is Rs. 1.67 and Tazyeen Shaikh is NIL*
*There was transfer of 6,62,500 Equity Shares between period of October, 2017 to January, 2018, as against 19,89,209 Equity Shares as on October 2017, by Ms. Tazyeen Shaikh to various shareholders in various tranches, which resulted in the cost of acquisition being negative. The average cost of acquisition of equity shares for Tazyeen Shaikh before transfer of such 6,62,500 shares and after transfer of such 6,62,500 shares are provided below.
Date No. of Shares held Average cost of Acquisition (in Rs.)
October 30, 2017
(Before transfer of 6,62,500 shares)
19,89,209 2.02
August 31, 2018
(After transfer of 6,62,500 shares)
17,27,376 (7.34)
   
II. This being the first public Issue of our Company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is Rs. 10/- each. The Floor Price is 3.6 times the face value and the Cap Price is 4.0 times the face value. The Issue Price (determined and justified by our Company in consultation with the BRLM as stated in "Basis for Issue Price" on page 113 should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing.

In terms of Prospectus dated September 27, 2018 and as per Regulation 43(4) of SEBI (ICDR) Regulations, 2009 wherein

(a) minimum of 50% of the Net Issue to Public shall initially be made available to Retail Individual Investors.
(b) the balance net issue of shares to the public shall be made available for allotment to
(i) individual applicants other than retail individual investors and
(ii) other investors including corporate bodies / institutions irrespective of number of shares applied for.
(C) the unsubscribed portion of the net issue to any one of the categories specified in (a) or (b) shall/may be made available for allocation in any other category, if so required.

Explanation: for the purpose of Regulation 43(4) of SEBI (ICDR) Regulations, 2009, if the retail individual investor is entitled to more than fifty percent, on proportionate basis, the retail individual investors shall be allocated that higher percentage. All Investors have participated in this offer through ASBA process. For details in this regards, specific attention is invited to chapter "Issue Procedure" on page 292 of the Prospectus.

THE FACE VALUE OF EQUITY SHARES IS RS. 10/- EACH.

THE ISSUE PRICE IS RS. 40/- AND IS 4.0 TIMES THE FACE VALUE OF THE EQUITY SHARES

ISSUE OPENED ON: MONDAY, SEPTEMBER 24, 2018 AND CLOSED ON: WEDNESDAY, SEPTEMBER 26, 2018

The Equity Shares of our Company issued through the Prospectus are proposed to be listed on the SME Platform of BSE Limited ('BSE SME') In terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time. Our Company has received an In-Principal approval letter dated September 07, 2018 from BSE Limited for using its name in the offer document for listing of our shares on the SME Platform of BSE Limited. For the purpose of this Issue, SME Platform of the BSE Limited shall be the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 787 applications for 37,80,000 Equity shares (Before Technical Rejections, bids not banked but after invalid duplicate bids) including Market Maker Application of 1,56,000 Equity Shares. The issue was subscribed to the extent of 1.23 times as per the application data (before technical rejection, bids not banked but after invalid duplicate bids). After considering the technical rejections cases, the issue was subscribed 1.15 times.

The details of application received (Before Technical Rejection but after bids not banked, invalid duplicate bids and application banked, bid not registered)

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION
Market Maker 1 1,56,000 1.00
Other than Retail Individual Investors 17 12,00,000 0.82
Retail Individual Investors 724 21,72,000 1.49
TOTAL 742 35,28,000 1.15

Final Demand

SN. Bid Price No of Equity Shares % to total Cumulative total % of Cumulative total
1 36 NIL NIL NIL NIL
2 37 NIL NIL NIL NIL
3 38 NIL NIL NIL NIL
4 39 NIL NIL NIL NIL
5 40 20,46,000 54.13% 20,46,000 54.13%
6 CutOff 17,34,000 45.87% 37,80,000 100.00%
Total 37,80,000 100.00%

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - SME Platform of the BSE Limited on October 01, 2018.

A. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 40/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.00 time. The total number of shares allotted in this category are 1,56,000 equity shares in full out of reserved portion of 1,56,000 Equity Shares.
B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 40/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.15 times. Total number of shares allotted in this category are 18,78,000 Equity Shares. The category wise basis of allotment is as under:
No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to the Applicants Total No. of Equity Shares Allotted Surplus / (Deficit)
3000 722 100.00 21,66,000 100.00 18,78,000 2601.11 3000 313:361 18,78,000 0
 
C. Allocation to Other than Retail Individual Investor (After Technical Rejection): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs 40/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.16 times. Total number of shares allotted in this category are 10,32,000 Equity Shares. The category wise basis of allotment is as under:
No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to the Applicants Total No. of Equity Shares Allotted Surplus / (Deficit)
6,000 2 12.50 12,000 1.01 10,372 5,186 3,000 1:1 6,000 -4,372
3,000 1:2 3,000 3,000
9,000 1 6.25 9,000 0.75 7,779 7,779 9,000 1:1 9,000 1,221
21,000 2 12.50 42,000 3.52 36,302 18,151 18,000 1:1 36,000 -302
24,000 3 18.75 72,000 6.03 62,231 20,743.67 21,000 1:1 63,000 769
36,000 1 6.25 36,000 3.02 31,116 31,116 30,000 1:1 30,000 -1,116
54,000 1 6.25 54,000 4.52 46,673 46,673 48,000 1:1 48,000 1,327
60,000 1 6.25 60,000 5.03 51,859 51,859 51,000 1:1 51,000 -859
90,000 2 12.50 1,80,000 15.08 1,55,578 77,789 78,000 1:1 1,56,000 422
1,05,000 1 6.25 1,05,000 8.79 90,754 90,754 90,000 1:1 90,000 -754
1,26,000 1 6.25 1,26,000 10.55 1,08,905 1,08,905 1,08,000 1:1 1,08,000 -905
4,98,000 1 6.25 4,98,000 41.71 4,30,431 4,30,432 4,32,000 1:1 4,32,000 1,569

Please Note: Additional lot of 3,000 shares given in applied shares category 6,000 after proportionate allocation.

The Board of Directors of the Company at its meeting held on October 03, 2018 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. SME Platform of BSE Limited and authorized corporate action for allotment of shares in dematerialized form to various successful applicants.

The CAN and allotment advice and/or notices shall be dispatched to the address of the Applicants as registered with the depositories / as filled in the application form on or before October 04, 2018. Further, the instructions to SCSBs shall be issued on October 03, 2018 for unblocking of funds. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within prescribed time, Investors may contact the registrar to the Issue at the address given below. The Company is taking steps to get the Equity Shares admitted for trading on the SME Platform of the BSE Limited within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before October 05, 2018 subject to receipt of listing and trading approvals from BSE Limited.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Issue at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar quoting full name of the First/ Sole applicant, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

BIGSHARE SERVICES PRIVATE LIMITED
Bharat Tin Works Bldg., 1st Floor, opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai-400059
Tel:+91 2262638200
Fax: +91 2262638299
Email: ipo@bigshareonline.com
Website: www.bigshareonline.com
Investor Grievance Id: investor@bigshareonline.com
Contact Person: Babu Raphael
SEBI Registration No: INR000001385
For Innovative Ideals and Services (India) Limited
On behalf of the Board of Directors Sd/-
Maqsood Shaikh
Managing Director
Date: October 03, 2018
Place: Mumbai, Maharashtra

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 INNOVATIVE IDEALS AND SERVICES (INDIA) LIMITED.

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

Innovative Ideals IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Innovative Ideals IPO?

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

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

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

  3. 3. What is Innovative Ideals IPO allotment process?

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