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Man Infraconstruction IPO Basis of Allotment

Man Infraconstruction IPO Details

Issue Open Feb 18, 2010
Issue Close Feb 22, 2010
IPO Price ₹252
Face Value ₹10
IPO Size ₹141.75 Cr
Listing At BSE, NSE
IPO Lot Size 22

MAN INFRA CONSTRUCTION LIMITED

(The Company was incorporated at Mumbai as a private limited company under the Companies Act, 1956 as 'Man Construction Private Limited' pursuant to a Certificate of Incorporation No.136849 of 2002 dated August 16, 2002. The Company became a public limited company and its name was changed to 'Man Construction Limited' on July 15, 2004. The name was changed to 'Man Infraconstruction Limited' on November 3, 2006. For details of the change in our name and registered office, please refer to 'History and Certain Corporate Matters' beginning on page 89 of the Prospectus).

Registered and Corporate Office: 12th Floor, Krushal Commercial Complex, G. M. Road, Chembur (W), Mumbai 400 089, Maharashtra, India

Telephone: +91 22 2526 0582; Facsimile: +91 22 2526 0589
Contact Person: Mr. Durgesh Dingankar, Tel: +91 22 2526 0582
E-mail: man.ipo@maninfra.com; Website: www.maninfra.com

PUBLIC ISSUE OF 5,625,150 EQUITY SHARES OF RS.10 EACH ('EQUITY SHARES') AT A PRICE OF RS.252 PER EQUITY SHARE FOR CASH AGGREGATING TO RS. 1417.54 MILLION (THE 'ISSUE') BY MAN INFRACONSTRUCTION LIMITED (THE 'COMPANY' OR 'ISSUER'). UP TO 225,150 EQUITY SHARES OF RS.10 EACH WAS RESERVED IN THE ISSUE FOR SUBSCRIPTION BY EMPLOYEES (AS DEFINED IN THE SECTION 'DEFINITIONS AND ABBREVIATIONS' OF THE PROSPECTUS) AT THE ISSUE PRICE (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION SHALL BE HEREINAFTER REFERRED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE CONSTITUTED 11.36% AND 10.91%, RESPECTIVELY, OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.

The Equity Shares ot the Company are proposed to be listed on National Stock Exchange of India Limited ('NSE')and the Bombay Stock Exchange Limited ('BSE').

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 252/- AND IS 25.2 TIMES THE FACE VALUE. The Anchor Investor Issue price is Rs. 252/- per Equity Share.

This being an Issue for less than 25% of the post-Issue capital, the Issue was made through a 100% Book Building Process wherein at least 60% of the Net Issue was allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'), of which 5% was made available for allocation on a proportionate basis to Mutual Funds only and the remainder was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. In addition, in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR), a minimum of two million securities were offered to the public and the size of the Issue aggregated at least Rs.l,000 million. If at least 60% of the Net Issue could not be allotted to QIBs, then the entire application money would have been refunded forthwith. Further, not less than 10% of the Net Issue was available for allocation on a proportionate basis to Non Institutional Bidders and not less than 30% 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. The OIB portion included the Anchor Investor portion (as defined in the section 'Definitions and Abbreviations' of the Prospectus) and the Company considered participation by Anchor Investors in the Net Issue for up to 972,000 Equity Shares in accordance with the ICDR Regulations (as defined in the section 'Definitions and Abbreviations' of the Prospectus). Further, up to 225,150 Equity Shares were available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the Issue Price, provided that the value of allotment to an Employee did not exceed Rs. 100,000.

The Company has allotted 972,000 Equity Shares of the OIB Portion to Anchor Investors on a discretionary basis at Rs.252 in accordance with the ICDR Regulations.

The Issue received 58,873 applications for 287,775,598 equity shares resulting in 62.84 times subscription, excluding anchor investors. The detaile of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under: (Before technical rejection)

Category

No.of
Application
No. of
Shares
Mo. of times
Subscription
Qualified Institutional Buyers 101 217,816,368 96.04
Non Institutional Investors 172 53,747,628 99.53
Retail Individual Investors 58,315 16,112,800 9.95
Employee Investors 285 98,802 0.44
Total 58,873 287,775,598

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Issue Closing date at different bid prices is as under:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
243 373,582 0.1281 291,659,236 100.00
244 990 0.0003 291,285,654 99.87
245 3,762 0.0013 291,284,664 99.87
246 41,272 0.0142 291,280,902 99.87
247 1,364 0.0005 291,239,630 99.86
248 331,474 0.1137 291,238,266 99.86
249 638 0.0002 290,906,792 99.74
250 122,452 0.0420 290,906,154 99.74
251 374 0.0001 290,783,702 99.70
252 275,470,866 94.4496 290,783,328 99.70
CUTOFF 15,312,462 5.2501 15,312,462 5.25
TOTAL 291,659,236 100.0000

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange of India Limited ('NSE') on March 3, 2010.

A. Allotment to Employee Investors (After Technical Rejections) including ASBA applications

The Basis of Allotment to the Employee Investors, who have bid at cut-off or at the Issue Price of Rs. 252/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 0.44 times. As per the Prospectus, the Unsubscribed portion of Employee Category shall be added back to Non Institutional Investors Category (12,635 equity shares), Retail Category (37,904 equity shares), QIB Category {75,809 equity shares). The total number of shares allotted in this category is 98,802 Equity Shares to 285 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications % to
total
Total
No. of Shares applied
% to total No. of
Shares
allotted
Ratio of
Allottees to Applicants
Total No.
of Shares allotted
22 8 2.81 176 0.18 22 1:1 176
44 9 3.16 396 0.40 44 1:1 396
66 5 1.75 330 0.33 66 1:1 330
83 4 1.40 352 0.36 83 1:1 352
110 6 2.11 660 0.67 110 1:1 660
132 2 0.70 264 0.27 132 1:1 264
154 3 1.05 462 0.47 154 1:1 462
176 1 0.35 176 0.18 176 1:1 176
198 4 1.40 792 0.80 198 1:1 792
220 3 1.05 660 0.67 220 1:1 660
242 1 0.35 242 0.24 242 1:1 242
264 1 0.35 264 0.27 264 1:1 264
286 1 0.35 286 0.29 286 1:1 286
352 1 0.35 352 0.36 352 1:1 352
374 3 1.05 1,122 1.14 374 1:1 1,122
396 233 81.75 92,268 93.39 396 1:1 92,268

B. Allotment to Retail Individual Investors (After Technical Rejections) including ASBA applications

The Besis of Allotment to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 225/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 9.64 times. The spill over portion from Employee Category was 37,904 equity shares. The total number of shares allotted in this category is 1,657,914 Equity Shares to 44,971 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of
Applications
%to
total
Total
No. of Shares
applied
%to
total
No. of
Shares
allotted
Ratio of
Allottees to
Appllcants
Total No.
of Shares
allotted
22 7,201 12.47 158,422 0.99 22 4:37 17,116
44 3,212 5.56 141,328 0.88 22 3:14 15,136
66 1,896 3.28 125,136 0.78 22 5:16 13,048
88 1,521 2.63 133,848 0.84 22 5:12 13,948
110 1,916 3.32 210,760 1.32 22 13:25 1,912
132 705 1.22 93,060 0.58 22 5:3 9,702
154 593 1.03 91,322 0.57 22 8:11 9,482
176 667 1.16 117,392 0.73 22 5:6 12,232
198 2,543 4.41 503,514 3.15 22 15:16 52,448
220 1,479 2.56 325,380 2.04 23 1:1 34,017
242 289 0.50 69,938 0.44 25 1:1 7,225
264 281 0.49 74,184 0.46 27 1:1 7,587
286 224 0.39 64,064 0.40 30 1:1 6,720
308 184 0.32 56,672 0.35 32 1:1 5,888
330 302 0.52 99,660 0.62 34 1:1 10,268
352 199 0.34 70,048 0.44 37 1:1 7,363
374 584 1.01 218,416 1.37 39 1:1 22,776
396 33,928 58.78 13,435,488 84.03 41 1:1 1,391,048

C. Allotment to Non Institutional Investors (After Technical Rejection) including ASBA applications

The Basis of Allotment to the Non Institutional Investors, who have bid at the Issue Price of Rs.252/-par Equity Share, was finalized in consultation with NSE. The category was over subscribed 97.21 times. The spill over portion from Employee Category was 12,635 equity snares. Ths total number of shares allotted in this category is 552,679 Equity Shares to 150 successful applicants. The category-wise details of the Basis of Allotment are (Sample) under:

Category No. of
Applications
%to
total
Total
No. of Shares
applied
%to
total
No. of
Shares
allotted
Ratio of
Allottees to
Appllcants
Total No.
of Shares
allotted
418 6 3.61 2,508 0.00 22 1:6 22
440 1 0.60 440 0.00 22 1:1 22
484 2 1.20 968 0.00 22 1:2 22
550 3 1.81 1,650 0.00 22 1:3 22
792 3 1.81 2,376 0.00 22 1:3 22
880 2 1.20 1,760 0.00 22 1:2 22
990 3 1.81 2,970 0.01 22 1:3 22
1034 1 0.60 1,034 0.00 22 1:1 22
1100 2 1.20 2,200 0.00 22 1:2 22
1188 2 1.20 2,376 0.00 22 1:2 22
1980 9 5.42 17,820 0.03 22 8:9 176
2002 2 1.20 4,004 0.01 22 1:1 44
9900 2 1.20 19,800 0.04 102 1:1 204
11902 1 0.60 11,902 0.02 122 1:1 122
99000 1 0.60 99,000 0.18 1,018 1:1 1,018
992046 2 1.20 1,984,092 3.69 10,206 1:1 20,412
1388882 1 0.60 1,388,882 2.59 14,288 1:1 14,288
1944426 2 1.20 3,888,852 7.24 20,003 1:1 40,006
1980000 1 0.60 1,980,000 3.69 20,369 1:1 20,369
4000040 1 0.60 4,000,040 7.45 41,150 1:1 41,150
4427984 1 0.60 4,427,984 8.24 45,552 1:1 45,552
4653132 4 2.41 18,612,528 34.65 47,868 1:1 191,472

D. Allotment to QIBs

Allotment to QIBs has been done on a proportionate basis in consultation with NSE. As per the ICDR Regulations, Mutual Funds were initially allotted 5% of the quantum of snares available (117,190 Equity Shares), including Spill over from Employee Category to the extent of 3,790 Equity Shares and other QIBs were allotted the remaining available shares (2,226,619 Equity Shares) on proportionate basis, including Spill over from Employee Category to the extent of 72,019 Equity Shares, was allotted to other QIBs on proportionate basis

FIIs FIs/Banks MFs VCFs/Insurance Company Total
1,601,497 250,195 450,515 41,602 2,343,809

E. Allotment to Anchor Investors

Alloment to Anchor Investors has been done on a proportionate basis in consultation with NSE. As per the ICDR regulation, 30% of QIB Reservation (9,720,000 Equity Shares) was allotted to Anchor Investors (9,72,000 Equity Shares).

FIIs FIs/Banks MFs Insurance Company Total
575,164 - 396,836 - 972,000

The Boaid of Directors of the company at its Meeting held on March 04, 2010 has allotted the shares to verious successful applicants.

The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the addresses of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact the Registrar at the address given below. The Refund Orders have been over-printed with the Bank Mandate datails as registered, if any, with the depositories. The shares allotted to successful applicants are being credited to their Beneficiary accounts subject to validation of the account details with the depositories concerned. The company is taking steps to gel the equity shares admitted for trading on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited within seven working days from the date of approval of the Basis of Allotment.

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

INVESTORS PLEASE NOTE

These details at Hie allotment have been hosted on the website of Registrars to the Issue, Link Intime India Private Limited at http://www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Link Intime India Private Limited
C -13, Pannalal Silk Mills Compound, L.B.S Marg, Bhandup (West), Mumbal -400 078
Telephone: +91 22 2596 0320, Facsimile: +91 22 2596 0329 Email: mil.ipo@linkintime.co.in
Contact Person: Mr. Sachin Achar

Place: Mumbai
Date : 9th March, 2010

For MAN INFRACONSTRUCTION LIMITED
Sd/-
Mr. Durgesh Dingankar
Company Secretary & Compliance officer

Man Infraconstruction IPO Basis of Allotment FAQs

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

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

Visit the Man Infraconstruction 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 Man Infraconstruction 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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