Mahickra Chemicals IPO Basis of Allotment

MAHICKRA CHEMICALS LIMITED

Our Company was originally constituted as a partnership firm having Firm Registration Number GUJAMG16841 in the name and style of 'Mahak Dye Chem Industries' vide a Deed of Partnership entered as on June 21, 1994.Subsequently, it was converted into a public limited company pursuant to partners special resolution passed at its Extra-ordinary General Meeting of our firm held on September 5, 2017 and the name of our firm was changed to 'Mahickra Chemicals Limited' vide a fresh Certificate of Incorporation consequent upon conversion dated November 13, 2017 was issued by central registration center. The Corporate Identification Number of our Company is U24304GJ2017PLC099781.For 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 64 and 145 of the Prospectus.

Registered Office: Plot No.1209, Phase-3 , GIDC Vatva, Ahmedabad, Gujarat-382445,lndia Tel No.: 079-25890811; Fax No.: Not Available
E-mail: info@mahickra.com; Website: www.mahickra.com; Corporate Identification Number: U24304GJ2017PLC099781
Contact Person: Himali Maheshbhai Thakkar, Company Secretary and Compliance Officer

PROMOTERS OF OUR COMPANY: MITESHKUMAR CHAMPAKLAL GANDHI, ASHISHKUMAR CHAMPAKLAL GANDHI & KOMAL MITESH GANDHI

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER CONSISTING OF FRESH ISSUE OF 21,00,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID FOR CASH AT A PRICE OF RS. 25/- PER EQUITY SHARE (THE 'ISSUE PRICE') (INCLUDING A SHARE PREMIUM OF RS. 15/- PER EQUITY SHARE) AGGREGATING RS. 525.00 LAKHS (THE 'ISSUE'), OF WHICH 1,08,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 25/- PER EQUITY SHARE, AGGREGATING RS. 27.00 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 19,92,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 25/- PER EQUITY SHARE, AGGREGATING RS. 498.00 LAKHS IS HEREINAFTER REFERED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 29.03% AND 27.54% RESPECTIVELY OF THE 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 Mitheshkumar Champaklal Gandhi is Rs.10, Ashishkumar Champaklal Gandhi is Rs. 11.33 and Komal Mitesh Gandhi is Rs. 10.00.

II. In terms of Prospectus dated April 19, 2018 and as per 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 investors and
(ii) other investors including corporate bodies/ institutions irrespective of no. 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 227 of the Prospectus.

THE FACE VALUE OF EQUITY SHARES IS RS. 10/- EACH.
THE ISSUE PRICE IS RS. 25/- AND IS 2.5 TIMES THE FACE VALUE OF THE EQUITY SHARES
ISSUE OPENED ON: MONDAY, APRIL 16, 2018 AND CLOSED ON: WEDNESDAY, APRIL 18, 2018

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 In-Principle Approval letter dated March 19, 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, National Stock Exchange of India Limited shall be the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 5855 applications for 5,66,76,000 Equity shares (Before Technical Rejections, bids not banked and invalid duplicate/ multiple bids) including Market Maker Application of 1,08,000 Equity Shares. The issue was subscribed to the extent of 26.98 times as per the application data (before technical rejection, bids not banked and invalid duplicate/ multiple bids). After considering the technical rejections cases, bids not banked and invalid duplicate/ multiple bids, the issue was subscribed 25.51times.
The details of application received (Before Technical Rejection but after bids not banked and invalid duplicate/ multiple bids)

CATEGORY	NUMBER OF APPLICATIONS	NUMBER OF EQUITY SHARES	SUBSCRIPTION
Market Makers	1	1,08,000	1.00
Other than Retail Individual Investors	132	2,07,66,000	20.85
Retail Individual Investors	5491	3,29,46,000	33.08
TOTAL	5624	5,38,20,000	25.63

Final Demand

Sr.No.	Bid Price	No. of Equity Shares Bid	% to total	Cumulative total	% of Cumulative total
1.	24	12,000	0.02	12,000	0.02
2.	25	4,58,70,000	81.90	4,58,82,000	81.92
3.	CUTOFF	1,01,28,000	18.08	5,60,10,000	100.00
	Total	5,60,10,000	100.00

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - National Stock Exchange of India Limited on April 24, 2018

A. Allocation to Market Maker (After Technical Rejections, bids not banked and invalid duplicate / multiple bids): The Basis of Allotment to the Market Maker, at the issue price of Rs. 25/- 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 1,08,000 Equity shares in full out of reserved portion of 1,08,000 Equity Shares.

B. Allocation to Retail Individual Investors (After Technical Rejections, bids not banked and invalid duplicate / multiple bids): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 25/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 26.85 times. Total number of shares allotted in this category is 12,18,000* Equity Shares. The category wise basis of allotment is as under:

* In view of the explanation provided under sub-regulation (4) of regulations 43 of the SEBI (ICDR) Regulation, 2009, the retail category has applied for 61.16% of the total valid applications excluding Market Maker portion and accordingly the equity shares available for allotment have been derived on a proportionate basis.

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)
6000	5451	100	3,27,06,000	100	12,18,000	223.45	6000	1:27	12,18,000	0

C. Allocation to Other than Retail Individual Investor (After Technical Rejections, bids not banked and invalid duplicate/multiple bids): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs 25/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 26.83 times. Total number of shares allotted in this category is 7,74,000* Equity Shares. The category wise basis of allotment is as under:

* In view of the explanation provided under sub-regulation (4) of regulations 43 of the SEBI (ICDR) Regulation, 2009, the non-retail category has applied for 38.84% of the total valid applications excluding Market Maker portion and accordingly the equity shares available for allotment have been derived on a proportionate basis.

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)
12,000	21	15.91	2,52,000	1.21	9,393	447.27	6,000	2:21	12,000	2,607
18,000	12	9.09	2,16,000	1.04	8,051	670.90	6,000	1:12	6,000	(2,051)
24,000	6	4.55	1,44,000	0.69	5,367	894.54	6,000	1:6	6,000	633
30,000	9	6.82	2,70,000	1.30	10,064	1,118.17	6,000	2:9	12,000	1,936
36,000	7	5.30	2,52,000	1.21	9,393	1,341.81	6,000	2:7	12,000	2,607
42,000	6	4.55	2,52,000	1.21	9,393	1,565.44	6,000	1:3	12,000	2,607
48,000	2	1.52	96,000	0.46	3,578	1,789.08	6,000	1:2	6,000	2,422
60,000	2	1.52	1,20,000	0.58	4,473	2,236.35	6,000	1:2	6,000	1,527
66,000	1	0.76	66,000	0.32	2,460	2,459.98	6,000	0:1	0	(2,460)
72,000	4	3.03	2,88,000	1.39	10,734	2,683.62	6,000	1:2	12,000	1,266
78,000	7	5.30	5,46,000	2.63	20,351	2,907.25	6,000	3:7	18,000	(2,351)
84,000	2	1.52	1,68,000	0.81	6,262	3,130.89	6,000	1:2	6,000	(262)
90,000	2	1.52	1,80,000	0.87	6,709	3,354.52	6,000	1:2	6,000	(709)
96,000	3	2.27	2,88,000	1.39	10,734	3,578.16	6,000	2:3	12,000	1,266
1,02,000	1	0.76	1,02,000	0.49	3,802	3,801.79	6,000	1:1	6,000	2,198
1,08,000	1	0.76	1,08,000	0.52	4,025	4,025.43	6,000	1:1	6,000	1,975
1,14,000	2	1.52	2,28,000	1.10	8,498	4,249.06	6,000	1:2	6,000	(2,498)
1,20,000	2	1.52	2,40,000	1.16	8,945	4,472.70	6,000	1:1	12,000	3,055
1,26,000	3	2.27	3,78,000	1.82	14,089	4,696.33	6,000	2:3	12,000	(2,089)
1,32,000	1	0.76	1,32,000	0.64	4920	4,919.97	6,000	1:1	6,000	1,080
1,56,000	1	0.76	1,56,000	0.75	5,815	5,814.50	6,000	1:1	6,000	185
1,62,000	5	3.79	8,10,000	3.90	30,191	6,038.14	6,000	1:1	30,000	(191)
168,000	1	0.76	1,68,000	0.81	6,262	6,261.77	6,000	1:1	6,000	(262)
1,74,000	1	0.76	1,74,000	0.84	6485	6,485.41	6,000	1:1	6,000	(485)
1,80,000	4	3.03	7,20,000	3.47	26,836	6,709.04	6,000	1:1	24,000	(2,836)
1,86,000	1	0.76	1,86,000	0.90	6,933	6,932.68	6,000	1:1	6,000	(933)
1,92,000	1	0.76	1,92,000	0.92	7156	7,156.31	6,000	1:1	6,000	(1,156)
1,98,000	1	0.76	1,98,000	0.95	7,380	7,379.95	6,000	1:1	6,000	(1,380)
2,10,000	1	0.76	2,10,000	1.01	7,827	7,827.22	6,000	1:1	6,000	(1,827)
2,16,000	1	0.76	2,16,000	1.04	8,051	8,050.85	6,000	1:1	6,000	(2,051)
2,22,000	1	0.76	2,22,000	1.07	8274	8,274.49	6,000	1:1	6,000	(2,274)
2,28,000	1	0.76	2,28,000	1.10	8,498	8,498.12	6,000	1:1	6,000	(2,498)
2,34,000	1	0.76	2,34,000	1.13	8,722	8,721.76	6,000	1:1	6,000	(2,722)
2,40,000	4	3.03	9,60,000	4.62	35,782	8,945.39	6,000	1:1	24,000	(11,782)
2,40,000*							6,000	1:2	12,000	12,000
3,60,000	1	0.76	3,60,000	1.73	13,418	13,418.09	12,000	1:1	12,000	(1,418)
4,02,000	4	3.03	16,08,000	7.74	59,934	14,983.53	12,000	1:1	48,000	(11,934)
4,02,000*							6,000	1:2	12,000	12,000
5,40,000	1	0.76	5,40,000	2.60	20,127	20,127.13	18,000	1:1	18,000	(2,127)
5,64,000	1	0.76	5,64,000	2.72	21,022	21,021.67	24,000	1:1	24,000	2,978
6,00,000	1	0.76	6,00,000	2.89	22,363	22,363.48	24,000	1:1	24,000	1,637
6,06,000	1	0.76	6,06,000	2.92	22,587	22,587.11	24,000	1:1	24,000	1,413
12,00,000	1	0.76	12,00,000	5.78	44,727	44,726.96	42,000	1:1	42,000	(2,727)
13,98,000	1	0.76	13,98,000	6.73	52,107	52,106.91	54,000	1:1	54,000	1,893
15,96,000	2	1.52	31,92,000	15.37	1,18,974	59,486.85	60,000	1:1	1,20,000	1,026
16,98,000	1	0.76	16,98,000	8.18	63,288	63,288.64	66,000	1:1	66,000	2,712
Total	132	100.00	2,07,66,000	100.00	7,74,000				7,74,000	0

*Please Note: Additional lot of 6000 shares given in applied shares category of 240000 and 402000 equity shares after proportionate allocation of equity shares. The Board of Directors of the Company at its meeting held on April 24, 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 advise and/or notice will be dispatched to the address of the Applicants as registered with depositories. Further, the instructions to SCSBs shall be issued on April 24,2018 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 Thursday, April 26, 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.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
1^st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol,
Andheri East, Mumbai - 400059
Tel: +91 22 62638200; Fax: +91 22 62638299
E-mail: ipo@bigshareonline.com; Website: www.bigshareonline.com
Investor Grievance ID: ipo@bigshareonline.com
Contact Person: Mr. Babu Rapheal; SEBI Registration No.: INR000001385

Date: April 24, 2018 Place: Ahmedabad, Gujarat	For Mahickra Chemicals Limited On behalf of the Board of Directors Sd/- Miteshkumar Champaklal Gandhi Chairman and Managing Director

Mahickra Chemicals IPO Basis of Allotment FAQs

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