Macpower CNC Machines IPO Details

Issue Open Mar 12, 2018
Issue Close Mar 14, 2018
IPO Price ₹140
Face Value ₹10
IPO Size ₹36.61 Cr
Listing At NSE SME
IPO Lot Size 1000

MACPOWER CNC MACHINES LIMITED

Our company was incorporated as Macpower CNC Machines Private Limited under the provision of the companies Act, 1956 vide certificate of incorporation dated December 31,2003 issued by RoC Gujrat Dadra and Nagar Havelli bearing Corporate Identification Number U30009GJ2003PTC043419. Consequently, it was converted into a public limited company pursuant to shareholders resolution passed at Extra-ordinary General Meeting of our Company held on November 03,2017 and the name of our Company was changed to Macpower CNC Machines Limited and a fresh certificate of incorporation consequent upon Conversion of Private Company to Public Limited dated November 16,2017 was issued by Registrar of Companies, Gujarat, Ahmedabad. The Corporate Identification Number of our Company is U30009GJ2003PLC043419.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 54 and page 134 of the Prospectus.

Registered Office: Plot No.2234, Nr. Krnati Gate, GIDC Metoda, Tal Lodhika Dist Rajkot-360007,Gujarat, India
Tel No.: 02827-287930; Fax No.: 02827 287933; E-mail: info@macpowercnc.com; Website: www.macpowercnc.com
Corporate Identification Number: U30009GJ2003PLC043419; Contact Person: Ekta Shukla, Company Secretary and Compliance Officer

PROMOTERS OF OUR COMPANY: RUPESH MEHTA AND NIKESH MEHTA

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER CONSISTING OF FRESH ISSUE OF 26,15,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID FOR CASH AT A PRICE OF RS. 140 PER EQUITY SHARE (THE "ISSUE PRICE") (INCLUDING A SHARE PREMIUM OF RS. 130 PER EQUITY SHARE) AGGREGATING RS.3661.00 LAKHS (THE "ISSUE"), OF WHICH 1,53,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 140/- PER EQUITY SHARE, AGGREGATING RS. 214.20 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 24,62,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 140/- PER EQUITY SHARE, AGGREGATING RS. 3446.80 LAKHS IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.66% and 25.10% 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. Rupesh mehta is and Nikesh mehta is Rs. 4.49 and Rs.3.84 respectively.

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 12.6 times the face value and the Cap Price is 14 times the face value. The Issue Price (determined and justified by our Company in consultation with the BRLM as stated in "Basisfor Issue Price" on page 87 of the Prospectus 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.

All Investors have participated in this Issue through ASBA process. For details in this regards, specific attention is invited to chapter "Issue Procedure" on page 223 of the Prospectus.

THE FACE VALUE OF EQUITY SHARES IS RS. 10/- EACH.
THE ISSUE PRICE IS RS. 140/-AND IS 14 TIMES THE FACE VALUE OF THE EQUITY SHARES
ISSUE OPENED ON: MONDAY, MARCH 12, 2018* AND CLOSED ON: WEDNESDAY, MARCH 14, 2018
THE ANCHOR INVESTOR BID/ISSUE PERIOD WAS FRIDAY, MARCH 09, 2018

In terms of Rule 19(2) (b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR") the Issue is being made for at least 25% of the post-Issue paid-up Equity Share capital of our Company wherein 49.96% of the Net Issue was available for allocation on a proportionate basis to QIBs, provided that our Company, in consultation with the BRLM allocated upto 58.04% of the QIB Portion to Anchor Investors on a discretionary basis after adjusting lot size. One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in the Anchor Investor Portion, the remaining Equity Shares was added to the QIB Portion. 5% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion (excluding Anchor Investor Portion) was available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. In the event the aggregate demand from Mutual Funds is less than as specified above, the balance Equity Shares available for Allotment in the Mutual Fund Portion will be added to the QIB Portion and allocated proportionately to the QIB Bidders (other than Anchor Investors) in proportion to their Bids. Further not less than 15% of the Net Issue was available for allocation on a proportionate basis to Non Institutional Bidders and Not less than 35% of the Net Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. For further details, please refer to the chapter titled "Issue Procedure" on page 223 of Prospectus.

The Equity Shares of our Company issued through the Prospectus are proposed to be listed on the EMERGE Platform of National Stock Exchange of India Limited ('NSE EMERGE'), in terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time. Our Company has received an approval letter dated February 22,2018 from NSE EMERGE for using its name in the Issue document for listing of our shares on the EMERGE Platform of National Stock Exchange of India Limited. For the purpose of this Issue, EMERGE Platform of the National Stock Exchange of India Limited shall be the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 6,328 applications for 93,66,000 Equity shares (Before Technical Rejections, Multiple Rejections, bids not banked and invalid duplicate bids) including Market Maker Application of 1,53,000 Equity Shares. The issue was subscribed to the extent of 4.92 times as per the application data (excluding Anchor Investor Portion and after removing multiple and duplicate bids). After removing multiple and duplicate bids and technical rejections cases, the issue was subscribed 4.42 times.
The details of application received (Before Technical Rejection and Multiple Rejections but after bids not banked and invalid duplicate bids)

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION AMOUNT (IN RS.)
Market Maker 1 153,000 1.00 21420000.00
Retail Individual Investors 6,037 6,037,000 7.00 845016000.00
Non Institutional Investors 53 1,610,000 4.35 224672000.00
Qualified Institutional Buyer (Excluding Anchor Investors) 6 737,000 1.43 103180000.00
Anchor Investors 1 7,30,000 1.02 102200000.00
TOTAL 6098 9267000 3.54 1296488000.00

Final Demand

Sr.No. Bid Price No. of Equity Shares Bid % to total Cumulative total % of Cumulative total
1. 126 64,000 0.68 64,000 0.68
2. 127 4000 0.04 68,000 0.73
3. 128 2,000 0.02 70,000 0.75
4. 130 2,000 0.02 72,000 0.77
5. 132 1,000 0.01 73,000 0.78
6. 135 2,000 0.02 75,000 0.80
7. 138 1,000 0.01 76,000 0.81
8. 139 1,000 0.01 77,000 0.82
9. 140 67,87,000 72.51 68,64,000 73.33
CUTOFF 24,96,000 26.67 93,60,000 100.00
Total 93,60,000 100.00

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - EMERGE Platform of the National Stock Exchange of India Limited on December20,2017

A. Allocation to Market Maker (After Technical Rejections and Multiple Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 140/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 1,53,000 Equity shares in full out of reserved portion of 1,53,000 Equity Shares.

B. Allocation to Retail Individual Investors (After Technical Rejections and Multiple Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 140/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 6.91 times. Total number of shares allotted in this category is 8,62,000 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)
1,000 5,960 100 59,60,000 100 8,62,000 144.63 1,000 11:76 8,62,000 0

C. Allocation to Non Institutional Investor (After Technical Rejection and Multiple Rejections): The Basis of Allotment to Non Institutional Investors, at the issue price of Rs. 140/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 4.21 times. Total number of shares allotted in this category is 3,70,000 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)
2000 6 12.00 12000 0.77 2851 475.00 1000.00 3:6 3000 149
3000 3 6.00 9000 0.58 2137 712.33 1000.00 2:3 2000 -137
4000 4 8.00 16000 1.03 3800 950.00 1000.00 1:1 4000 200
8000 2 4.00 16000 1.03 3800 1900.00 2000.00 1:1 4000 200
9000 1 2.00 9000 0.58 2137 2137.00 2000.00 1:1 2000 -137
10000 2 4.00 20000 1.28 4750 2375.00 2000.00 1:1 4000 -750
11000 1 2.00 11000 0.71 2612 2612.00 3000.00 1:1 3000 388
12000 1 2.00 12000 0.77 2850 2850.00 3000.00 1:1 3000 150
15000 4 8.00 60000 3.85 14249 3562.25 3000.00 1:1 12000 -2249
15000 1000 additional shares are allocaed for Serial no 9 in the ratio of 3:4 1000.00 3:4 3000 3000
20000 13 26.00 260000 16.69 | 61746 4749.69 4000.00 1:1 52000 -9746
20000 1000 additional shares are allocaed for Serial no 10 in the rato of 10:13 1000.00 10:13 10000 10000
23000 1 2.00 23000 1.48 5462 5462.00 5000.00 1:1 5000 -462
27000 1 2.00 27000 1.73 6412 6412.00 6000.00 1:1 6000 -412
31000 1 2.00 31000 1.99 7362 7362.00 7000.00 1:1 7000 -362
35000 3 6.00 105000 6.74 24936 8312.00 8000.00 1:1 24000 -936
36000 1 2.00 36000 2.31 8549 8549.00 9000.00 1:1 9000 451
42000 1 2.00 42000 2.70 9974 9974.00 10000.00 1:1 10000 26
53000 1 2.00 53000 3.40 12587 12587.00 13000.00 1:1 13000 413
84000 1 2.00 84000 5.39 19949 19949.00 20000.00 1:1 20000 51
100000 1 2.00 100000 6.42 23748 23748.00 24000.00 1:1 24000 252
286000 1 2.00 286000 18.36 67920 67920.00 68000.00 1:1 68000 80
346000 1 2.00 346000 22.21 82169 82169.00 82000.00 1:1 82000 -169
GRAND TOTAL 50 100.00 1558000 100.00 370000 370000 0

D. Allocation to Qualified Institutional Investor (Excluding Anchor Investors and After Technical Rejection and multiple rejections): Qualified Institutional Investor (Excluding Anchor Investors), at the issue price of Rs. 140/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.43 times. As per the SEBI regulations, Mutual Funds were allotted 5% of the Equity Shares of QIB Category (excluding anchor investors) available i.e. 25,000 Equity Shares and other QIBs and unsatisfied demand from Mutual Funds were allotted the remaining available Equity Shares i.e. 4,91,000 Equity Shares on a proportionate basis. Total number of shares allotted in this category is 5,16,000 Equity Shares, which were allotted to 6 successful QIB bidders.
The category-wise details of the Basis of Allotment are as under:

Category Fls/Banks MF's IC's Bodies Corporate AIF FII FPC Total
QIB - 1,63,000 - - 3,04,000 31,000 18,000 5,16,000

E. Allocation to Anchor Investors: Our Company in consultation with the BRLM have allocated 7,14,000 Equity Shares to 1 Anchor Investors (through 1 application) at the Anchor Investor Issue Price of Rs. 140/- per Equity Share in accordance with SEBI ICDR Regulations. This represents 56.80% of the QIB Portion after adjusting Lot size:

Category Fls/Banks MF's IC's Bodies Corporate AIF FII FPC Total
Anchor - - - - 7,14,000 - - 7,14,000

The Board of Directors of the Company at its meeting held on March 20,2018 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. National Stock Exchange of India Limited and authorized corporate action for allotment of shares in dematerialized form to various successful applicants. The Allotment cum refund advice and/or notices will be dispatched to the address of the Applicants as registered with the depositories. Further, the instructions to SCSBs have been issued on March 20,2018 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 EMERGE Platform of the National Stock Exchange of India Limited within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before March 22,2018 subject to receipt of listing and trading approvals from NSE.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Issue at www.linklntime.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, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), 400083, Maharashtra, India;
Tel: +91 22 49186200; Fax: +91 22 49186195
Email: macpower.ipo@linkintime.co.in; Website: www.linkintime.co.in
Investor Grievance Id: macpower.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan; SEBI Registration No.: INR000004058

Date: March 21,2018 

Place: Rajkot, Gujarat

For Macpower CNC Machines Limited
On behalf of the Board of Directors
Sd/-
Rupesh Mehta
Chairman and Managing Director

Macpower CNC Machines IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Macpower CNC Machines IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Macpower CNC Machines 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 Macpower CNC Machines IPO basis of allotment status?

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

    Visit the Macpower CNC Machines IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Macpower CNC Machines IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Macpower CNC Machines 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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