L&T Technology IPO Details

Issue Open Sep 12, 2016
Issue Close Sep 15, 2016
IPO Price ₹860
Face Value ₹2
IPO Size ₹894.40 Cr
Listing At BSE, NSE
IPO Lot Size 16

L&T TECHNOLOGY SERVICES LIMITED

Our Company was incorporated as L&T Technology and Engineering Services Company Limited on June 14,2012 at Murnbai as a public limited company under the Companies Act, 1956. Our Company received the certificate of commencement of business on June 20,2012. Subsequently, the name of our Company was changed to L&T Technology Services Limited and the Registrar of Companies. Maharashtra located at Murnbai (the "RoC") issued a fresh certificate of incorporation on July 25, 2012. For further details, see "History and Certain Corporate Matters" on page 140 of the Prospectus dated September 16,2016 filed with the RoC (the 'Prospectus').

Registered Office: L&T House, N.M. Marg, Ballard Estate, Mumbai 400 001; Tel: (91 22} 6752 5656; Fax: (91 22} 6752 5893; Corporate Office: 5th Floor, West Block-II, L&T Knowledge City (lT/ITES) SEZ, N.H. No. 8, Ajwa Waghodia Crossing, Vadodsra 390 019, Tel:('91 265) 670 5000/ (91 265} 670 5001; Fax: (91 265) 670 5955; Contact Person: Kapil Bhalla, Company Secretary and Compliance Officer; E-mail: investor@lntTechservices.com ; Website: www..lnttechservices.com Corporate Identity Number: U72900MH2012PLC232169.

OUR PROMOTER: LARSEN & TOURBO LIMITED

The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE") and the trading will commence on September 23,2016.

BASIS OF ALLOTMENT

PUBLIC OFFER OF 10,400,000 EQUITY SHARES OF FACE VALUE OF RS 2 EACH (THE "EQUITY SHARES") OF L&T TECHNOLOGY SERVICES LIMITED (OUR "COMPANY') FOR CASH AT A PRICE OF RS 860 PER EQUITY SHARE AGGREGATING TO RS 8,944 MILLION (THE "OFFER") THROUGH AN OFFER FOR SALE BY OUR PROMOTER, LARSEN & TOUBRO LIMITED (THE "SELLING SHAREHOLDER"). THE OFFER WOULD CONSTITUTE 10.2 % OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL.

Offer Price; Rs 860 per equity share of face value of Rs 2 each
Anchor Investor offer price: Rs 860 per equity share
the offer price is 430 times the face value

Risks to Investors:

I. The four Book Running Lead Managers associated with the Offer have handled 23 * public issues in the past three years out of which seven Issues closed below the issue price on listing date.
II. The Price/Earnings ratio based on consolidated diluted EPS for March 31, 2016 for the Company at the upper end of the Price Band is 26.8 as compared to the average industry peer group Price/Earnings ratio of 25.3.
III. Average cost of acquisition of Equity Shares for the Promoter is Rs 103.25 per Equity Share and the Offer Price at the upper end of the Price Band is significantly higher at Rs 860 per Equity Share
* as updated in the Prospectus.

BID/OFFER PERIOD: OPENED ON: MONDAY, SEPTEMBER 12, 2016
CLOSED ON: THURSDAY, SEPTEMBER 15, 2016
ANCHOR INVESTOR BIDDING DATE WAS: FRIDAY, SEPTEMBER 9, 2016

In terms of Rule 19(2)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR"). this is an Offer for at least 10.0% of the post-Offer paid-up equity share capital of our Company. The Offer has been made in accordance, with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended (the "SEBI Regulations"), through the Book Building Process wherein 50.0% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"). provided that our Company and the Selling Shareholder have allocated up to 60.0% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third was reserved for domestic Mutual Funds only, subject to valid Bids having been reived from domestic Mutual Funds at or above the Anchor Investor Allocation price, in accordance with the SEBI Regulations. Post allocation to Anchor Investors, the QIB Portion was reduced by such number of Equity Shares. 5.0% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Muluel Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other then Anchor investors), including Mutual Funds, subject to valid Bids having been received at the Offer Price. Further, not loss than 15.0% of the Offer was available for allocation on a proportionate basis to Non Institutional Bidders and not less 1han 35.0% of the Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids having been received at the Offer Pnce. All potential investors, other tnan Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of the respective bank account which will be blocked by the Self Certified Syndicate Banks ("SCSBs"), to participate in the Offer. For details, see "Offer Procedure" beginning on page 416 of the Prospectus

The Offer received 296,079 applications for 20,599,360 Equity Scares (prior to technical rejections) resulting in 1.98 times subscription. The details of the applications received in the Offer from various categories are as under: (before tecnnicai rejections):

SI.
No.
Category No. of
Applications
No. or Equity
Shares applied
No. of times
Subscribed
Amount
(Rs)
A Retail Individual Bidders 295,846 6,076,160 1.67 5,227,527,120
B Non institutional Bidders 149 709,680 0.45 610,304,032
C Qualified Institutional Bidders (Excluding Anchors) 55 10,425,216 5.01 8,962,744,640
D Anchor Investors 29 3,388,304 1.09 2,913,941,440
Total 296,079 24,599,360 1.98 17,714,517,232

Final Demand
A summary of the final demand as at different Bid prices is as under.

Sr.
No
Bid
Price
Bids
Quantity
(%) to
Total
Cumulative
Total
% Cumulative
Total
1 850 334,848 1.81 334,848 1.81
2 851 1,600 0.01 336,448 1.82
3 852 1,312 0.01 337,760 1.83
4 853 448 0.00 338,208 1.83
5 854 464 0.00 338,672 1.83
6 855 15,248 0.08 353,920 1.91
7 856 960 0.01 354,880 1.92
8 857 912 0.00 355,792 1.92
9 858 2,960 0.02 358,752 1.94
10 859 2,496 0 01 361,248 1.95
11 860 12,513,696 67.55 12,874,944 69.50
12 cutoff 5,650,560 30.50 18,525,504 100.00
Tola I 18,525,504 100.00

The Basis of Allotment was Finalized in Consultation with the Designated Stock Exchange, being the NSE on Tuesday, September 20,2016.

A. Allotment to Retail Individual Bidders (after technical rejections.) (including ASBA Applications)

The Basis of Allotmem to the Retait Individual Bidders-, who have bid at the Cut-Off Price or at the Offer Price of Rs 860 per Equity Share was finalized in consultation with the NSE. This category has been subscribed to the extent of 1.4887 limes. The total number of Equity Shares Allotted in Retail Category is 3,992,160 Equrty Shares to 249,510 successful Retail Individual Bidders. 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 Applicant
Ratio Total No. of
Equity Shares

Allotted
16 269,547 92.74 4,312,752 72.57 16 279 : 325 3,702,336
32 8,754 3.01 280,128 4.71 16 91 : 106 120,240
48 3,352 1.15 160,896 2.71 16 91 :106 46,032
64 1,733 0.60 110,912 1.87 16 73 : 85 23,808
80 1,365 0 .47 109,200 1.84 16 73 : 85 18,752
96 959 0.33 92,064 1.55 16 73 : 85 13168
112 1,159 0.40 129,808 2.18 16 73 : 85 15,920
128 467 0.16 59,776 1.01 16 6 : 7 6,416
144 116 0.04 16,704 0.28 16 25 : 29 1,600
160 514 0.18 82,240 1.38 16 91 : 106 7,056
176 114 0.04 20,464 0.34 16 98 : 114 1,568
192 140 0.05 26,880 0.45 16 6 : 7 1,920
208 138 0.05 28,704 0.48 16 59 : 69 1,888
224 2,290 0.79 512,960 8.63 16 73 : 85 31,456
Total 290,648 100.00 5,943,088 100.00 3,992,160

B. Allotment to Non Institutional Bidders (After Technical Rejections)

The Basis of Allotment to the Non institutional Bidders, who have bid at the Offer Price of Rs 860 per Equity Share was finalized in consultation with the NSE. The Non-institutional Category has been subscribed to the extent of 0.4518 times The total number of Equity Shares Allotted in this category is 704,752 Equity Shanes to 139 successful Non-institutional Bidders. The category-wse details of the Basis of Allotmenl 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
Applicant
Ratio Total No.
of Equity
Shares Allotted
240 32 23.02 7,680 1.09 240 1:1 7,680
256 8 5.76 2,048 0.29 256 1:1 2,043
288 4 2.88 1,152 0.16 288 1:1 1,152
304 2 1.44 608 0.09 304 1:1 608
320 12 8.63 3,840 0.54 320 1:1 3,840
336 6 4.32 2,016 0.29 336 1:1 2,016
352 2 1.44 704 0.10 352 1:1 704
464 4 2.88 1,856 0.26 464 1:1 1,856
480 6 4 32 2,880 0.41 480 1:1 2,880
576 11 7.91 6,336 0.90 576 1:1 6,336
640 4 2 88 2,560 0.36 640 1:1 2,560
960 3 2.16 2,880 0.41 960 1:1 2,880
992 3 2.16 2,976 0.42 992 1:1 2,976
1152 3 2.16 3,456 0.49 1152 1:1 3,456
1168 4 2.88 4,672 0.66 1168 1:1 4,672
1744 2 1.44 3,488 0.49 1744 1:1 3,488
2400 2 1.44 4,800 0.68 2400 1:1 4,800
4800 1 0.72 4,800 0.68 4800 1:1 4,800
69760 1 0.72 69,760 9.90 69760 1:1 69,760
Total* 139 100.00 704,752 100.00 704,752

*The total above reflects the data pertaining to all the applicaions received in the Non-institutional Bidders category. Undersubscribed portion of 855,248 Equity Shares have been spilled over in the ratio of 50:35 to QIB and Retail Indfridual Bidders category respectively.

C. Allotments QlBs

Allotment to QiBs, who have Bid at the Offer Price of Rs 860 per Equity Share has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 3,880267 times of QlB Portion. As per theSEBl Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QlB Potion availably i.e. 129,156 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds ware Allotted the remaining available Equity Shares i.e. 2,453,933 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 2,583,088 Equity Shares, which were allotted to 51 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

Category Fls/Banks Fll MFs ICs Others Total
QIB 14,417 1,326,780 724,151 488,775 28,965 2,583,088

D. Allotment to Anchor Investors.

The Company and the Selling Shareholder, in consultation with the BRLMs, have allocated 3,120,000 Equity Shares to 15 Anchor Investors (through 29 Applications) at the Anchor Investor Offer Price of Rs 860 per Equity Share in accordance with the SEBI Regulations.

Category Fls/Banks MFs ICs VCs AIF/FPI Fll Total
Anchor - 1,098,944 217,808.00 - 599,484 1,203,764 3,120,000

The IPO Commiitee of our Company on Wednesday, September 21, 2016 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Avice-cum-Refund Intimations are being dispatched to the address of the investors as registered with the depositories. The instructions to the Self Certified Syndicate Banks for unblocking of funds and transfer to Public Offer Account have been issued on Wednesday, September 21,2016. The Equity Shares Allotted to the successful Allottees have been uploaded on Wednesday, September 21,2016 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned.

The Company has received listing and trading approval from NSE and BSE on Thursday, September 22, 2016 and the trading will commence on Friday, September 23,2016.

Note: 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 will be hosted on the website of the Registrar to the offer, Karvy Computeshare Private Limited at https://karisma.karvy.com

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 Equity Shanes 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 balow:

Karvy Computershare Private Limrtad
Karvy Selenium Tower B, Plot 31-32, Gachibowli. Financial District,
Nanakramguda. Hyderabad 500 032
Tel: (91 40) 6716 2222. Fax: (91 40) 2343 1551
Email: einward.ris@karvy.com.
Website: https://karisma.karvy.com
Investor Grievance e-mail: l&ttechnology.ipo@karvy.com
Contact Person: M. Murli Krishna
SEBI Registration No: INR000000221

Place: Murnbai
Date: September 22, 2016
For L&T TECHNOLOGY SERVICES LIMITED
On behalf of the Board of Directors
sd/-
Company Secretary and Compliance Officer

L&T Technology IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in L&T Technology IPO?

    Check the basis of allotment document above to know about how the shares are allocated in L&T Technology 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 L&T Technology IPO basis of allotment status?

    The L&T Technology IPO basis of allotment (published above) tells you how shares are allocated to you in L&T Technology IPO and category wise demand of IPO share.

    Visit the L&T Technology IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is L&T Technology IPO allotment process?

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

Comments

   I Like It. | Report Abuse








Search Chittorgarh.com:

Download Our Mobile App

Android App iOS App