Chittorgarh.com Logo
Loading...

IRIS Business IPO Details

Issue Open Sep 29, 2017
Issue Close Oct 4, 2017
IPO Price ₹34
Face Value ₹10
IPO Size ₹16.01 Cr
Listing At BSE SME
IPO Lot Size 4000

IRIS BUSINESS SERVICES LIMITED

Our Company was incorporated under the provisions of Companies Act, 1956 as 'IRISBusiness.com (India) Private Limited' in Mumbai vide Certificate of Incorporation issued by Registrar of Companies, Mumbai on October 3,2000. It was converted into a public limited company pursuant to shareholders resolution passed at Extra-ordinary General Meeting of our Company held on May 13,2010 and the name of our Company was changed to IRIS Business Services Limited and a fresh certificate of incorporation consequent upon Conversion of Private Company to Public Limited dated June 29,2010 was issued by Registrar of Companies, Maharashtra, Mumbai. The Corporate Identification Number of our Company is U72900MH2000PLC128943.For further details of Incorporation, Change of Name and Registered Office of our company, please refer to chapter titled 'General Information' and 'Our History and Certain Other Corporate Matters' beginning on page 60 and page 116 of the Prospectus.

Registered Office: T-231, Tower 2,3rd Floor, International Infortech Park, Vashi Station, Vashi Thane, Maharashtra 400703, India
Tel. No.: 022 67231000; Fax No.: 022- 27814434; E-mail: cs@irisindia.net; Website: www.irisbusiness.com
Corporate Identification Number: U72900MH2000PLC128943; Contact Person: Rajesh Singh, Company Secretary and Compliance Officer

PROMOTERS OF OUR COMPANY: MR. SWAMINATHAN SUBRAMANIAM, MS. DEEPTA RANGARAJAN
AND MR. BALACHANDRAN KRISHNAN

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 50,04,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH ('EQUITY SHARES') OF IRIS BUSINESS SERVICES LIMITED (THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS. 32/- PER EQUITY SHARE, INCLUDING A SHARE PREMIUM OF RS. 22/- PER EQUITY SHARE (THE 'ISSUE PRICE'), AGGREGATING RS. 1601.28 LAKHS ('THE ISSUE'), OF WHICH 2,60,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 32/- PER EQUITY SHARE, AGGREGATING RS. 83.20 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE 'MARKET MAKER RESERVATION PORTION') THE ISSUE LESS MARKET MAKER RESERVATION I.E. ISSUE OF 47,44,000 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 32/- PER EQUITY SHARE, AGGREGATING RS. 1518.08 LAKHS IS HEREINAFTER REFERED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.51 % AND 25.13% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

In terms of Prospectus dated September 22,2017 and as per Regulation 43(4) of SEBI (ICDR) Regulations, 2009 wherein:
a) A minimum of 50% of the Net Offer to Public shall initially be made available to Retail Individual Investors.
b) The balance net offer of shares to the public shall be made available for allotment to (i) individual applicants other than retail investors and
(ii) other investors including corporate bodies /institutions irrespective of no. of shares applied for.
c) the unsubscribed portion of the net offer 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 199 of the Prospectus.

THE FACE VALUE OF THE EQUITY SHARES IS RS. 10.00 EACH.
THE ISSUE PRICE OF RS. 32.00 IS 3.2 TIMES OF THE FACE VALUE OF THE EQUITY SHARES.
ISSUE OPENED ON SEPTEMBER 29, 2017 AND CLOSED ON OCTOBER 04, 2017

The Equity Shares offered through the Prospectus are proposed to be listed on the SME platform of BSE Limited ('BSE') ('BSE SME') in terms of the chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time. The Company is not required to obtain an in-principle approval for the shares being offered in this Issue. However, the Company has received an approval letter dated September 22,2017 from BSE for using its name in the Prospectus for listing of our Shares on SME platform of BSE. The designated stock exchange is BSE Limited.

SUBSCRIPTION DETAILS

The Issue has received 375 applications for 1,13,72,000 Equity shares (Before Technical Rejections but after Bids not Banked and Invalid Duplicate BidsBid not registered) (including Market Maker Application of 2,60,000 Equity Shares) resulting 2.27 times subscription. After considering, a Technical Rejection case, ttie issue was subscribed 2.26 times (including the Market Maker Portion). The details of application received (Before Technical Rejection and after Bids not banked)

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION
Market Maker 1 2,60,000 1.00
Other than Retail Individual Investors 52 98,24,000 4.14
Retail Individual Investors 322 12,88,000 0.54
TOTAL 375 1,13,72,000 2.27

The details of applications rejected by the Registrar on technical grounds are detailed below:

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES
Market Maker 0 0
Other than Retail Individual Investors 1 40,000
Retail Individual Investors 10 40,000
TOTAL 11 80,000

Detail of the Applications Received (After Technical Rejection):

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION REVISED SUBSCRIPTION
Market Maker 1 2,60,000 1 1.00
Other than Retail Individual Investors 51 97,84,000 4.12 2.80
Retail Individual Investors 312 12,48,000 0.53 1.00*
TOTAL 364 1,12,92,000 2.26 2.26

*The under subscription of 11,24,000 Equity Shares in the reatil individual investors category has been spilled over to other than retail individual investors. ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange-BSE on October 09,2017

A. Allocation to Market Maker (After Technical Rejections and Revised Allocation: The Basis of Allotment to the Market Maker, at the issue price of Rs. 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 2,60,000 Equity shares in full out of reserved portion of 2,60,000 Equity Shares.

B. Allocation to Retail Individual Investors (After Technical Rejections and Revised Allocation): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. Total number of shares allotted in this category are 12,48,000 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
% to
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)
4,000 312 100 12,48,000 100 23,72,000 7,602.56 4,000 1:1 12,48,000 (11,24,000)

C. Allocation to Other than Retail Individual Investor (After Technical Rejection and Revised Allocation): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 2.80 times. Total number of shares allotted in this category is 34,96,000 Equity Shares. The category wise basis of allotment is as under:

Sr. No. No. of Shares
Applied for
(Category wise)
No. of
Applications
received
% to
total
Total No.of
Equity
Shares
applied
% to
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)
1 8,000 6 11.76 48,000 0.49 17,153 2,858.50 4,000.00 5:6 20,000 2,847
2 12,000 6 11.76 72,000 0.74 25,727 4,287.83 4,000.00 1:1 24,000 -1,727
3 16,000 3 5.88 48,000 0.49 17,151 5,717.00 4,000.00 1:1 12,000 -5,151
4 20,000 1 1.96 20,000 0.20 7,146 7,146.00 8,000.00 1:1 8,000 854
5 32,000 7 13.73 2,24,000 2.29 80,039 11,434.14 8,000.00 1:1 56,000 -24,039

4000 additional share is allotted for Serial no. 5 in the ratio of 6:7

4,000.00 6:7 24,000 24,000
6 40,000 2 3.92 80,000 0.82 28,585 14,292.50 12,000.00 1:1 24,000 -4,585

4000 additional share is allotted for Serial no. 6 in the ratio of 1:2

0.00 4,000.00 1:2 4,000 4,000
7 44,000 1 1.96 44,000 0.45 15,722 15,722.00 16,000.00 1:1 16,000 278
8 48,000 2 3.92 96,000 0.98 34,303 17,151.50 16,000.00 1:1 32,000 -2,303
9 64,000 1 1.96 64,000 0.65 22,868 22,868.00 24,000.00 1:1 24,000 1,132
10 80,000 4 7.84 3,20,000 3.27 1,14,342 28,585.50 28,000.00 1:1 1,12,000 -2,342
11 84,000 1 1.96 84,000 0.86 30,015 30,015.00 32,000.00 1:1 32,000 1,985
12 1,12,000 2 3.92 2,24,000 2.29 80,039 40,019.50 40,000.00 1:1 80,000 -39
13 1,56,000 3 5.88 4,68,000 4.78 1,67,225 55,741.67 56,000.00 1:1 1,68,000 775
14 1,60,000 3 5.88 4,80,000 4.91 1,71,513 57,171.00 56,000.00 1:1 1,68,000 -3,513
4000 additional share is allotted for Serial no. 14 in the ratio of 1:3 4,000.00 1:3 4,000 4,000
15 3,00,000 1 1.96 3,00,000 3.07 1,07,195 1,07,195.00 1,08,000.00 1:1 1,08,000 805
16 3,12,000 6 11.76 18,72,000 19.13 6,68,899 1,11,483.17 1,12,000.00 1:1 6,72,000 3,101
17 23,40,000 1 1.96 23,40,000 23.92 8,36,124 8,36,124.00 8,36,000.00 1:1 8,36,000 -124
18 30,00,000 1 1.96 30,00,000 30.66 10,71,954 10,71,954.00 10,72,000.00 1:1 10,72,000 46
Grand Total 51 100.00 97,84,000 100.00 34,96,000 34,96,000 0

The Board of Directors of the Company at its meeting held on October 09,2017 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE 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. Further, the instructions to SCSBs shall be issued on October 09,2017 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 registrarto 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 BSE within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before October 12,2017 subject to receipt of listing and trading approvals from BSE.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue at www.linkintime.co.in 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:

LINK INTIME INDIA PRIVATE LIMITED
C-101,1' Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400083, Maharashtra, India.
Tel: 022-49186200; Fax: 022-49186195
Email: irisbusiness.ipo@linkintime.co.in; Website: www.linkintime.co.in
Investor Grievance Id: irisbusiness.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan; SEBI Registration No: INR000004058

Date: October 09,2017

Place: Mumbai, Maharashtra

For IRIS Business Services Limited
On behalf of the Board of Directors
Sd/-
Balachandran Krishnan
CFO & Whole Time Director

IRIS Business IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in IRIS Business IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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

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

Check the basis of allotment document above to know about how the shares are allocated in IRIS Business IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).