Manorama Industries IPO Details

Issue Open Sep 21, 2018
Issue Close Sep 25, 2018
IPO Price ₹188
Face Value ₹10
IPO Size ₹64.00 Cr
Listing At BSE SME
IPO Lot Size 600

Our Company was originally incorporated as "Manorama Industries Private Limited" at Raipur, Chhattisgarh, as a Private Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated August 9, 2005 bearing Corporate Identification Number U15142CT2005PTC17858 issued by Registrar of Companies, Madhya Pradesh & Chhattisgarh. Subsequently our Company was converted in to Public Limited Company pursuant to shareholders resolution passed at Extraordinary General Meeting of our Company held on February 06, 2018 and the name of our Company was changed to "Manorama Industries Limited" and a Fresh Certificate of Incorporation consequent upon conversion of company to Public Limited dated March 23, 2018 was issued by Registrar of Companies, Maharashtra. The Corporate identification number of our Company is U15142MH2005PLC243687.

Registered Office: Office No 403, 4th Floor, Midas, Sahar Plaza, Andheri Kurla Road, Andheri East, Mumbai- 400059
Corporate Office: F-6, Anupam Nagar, Raipur 492007 Chattisgarh- 492007 Corporate Identification Number: U15142MH2005PLC243687. Tel: 022-67088148; Fax: NA
Contact Person: Divya Jajoo, Company Secretary & Compliance Officer Email: investors@manoramagroup.co.in; Website: www.manoramagroup.co.in
#AII correspondences shall be directed to Corporate Office.
PROMOTER OF OUR COMPANY: VINITA SARAF

BASIS OF ALLOTMENT

INITIAL PUBLIC ISSUE OF 34,04,400 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID FOR CASH AT A PRICE OF RS. 188/- PER EQUITY SHARE (THE "ISSUE PRICE") (INCLUDING A SHARE PREMIUM OF RS. 178/- PER EQUITY SHARE) AGGREGATING TO RS. 6,400.27 LAKHS (THE "ISSUE"), OF WHICH 1,71,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 188/- PER EQUITY SHARE, AGGREGATING RS. 321.48 LAKHS WAS RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. NET ISSUE OF 32,33,400 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 188/- PER EQUITY SHARE, AGGREGATING TO RS. 6,078.79 LAKHS IS HEREINAFTER REFERED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 30.59% AND 29.06% 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 Promoter viz. Vinita Saraf is Rs.14.81.
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 18.1 times the face value and the Cap Price is 18.8 times the face value. The Issue Price (determined and justified by our Company in consultation with the BRLM as stated in "Basis for Issue Price" on page 118 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 287 of the Prospectus.

THE FACE VALUE OF EQUITY SHARES IS RS. 10/- EACH.
THE ISSUE PRICE IS RS. 188/- AND IS 18.8 TIMES THE FACE VALUE OF THE EQUITY SHARES
ISSUE OPENED ON: FRIDAY, SEPTEMBER 21, 2018 AND CLOSED ON: TUESDAY, SEPTEMBER 25, 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. The Issue is being made through the Book Building Process, in accordance with chapter XB of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended the ("SEBIICDR Regulations") wherein 16.46% of the Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Category"), 5.00% of the QIB Category was available for allocation on a proportionate basis to Mutual Funds only and the remainder was available for allocation on a proportionate basis to QIBs including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. Further, 41.77% of the Net Issue was available for allocation on a proportionate basis to Non-lnstitutional Investors and 41.77% of the Net Issue was available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. During Bid/Offer Period all investors shall participate in this Issue through the Applications Supported by Blocked Amount ("ASBA") process by providing details of their respective bank accounts which was blocked by SCSBs. For further details please refer the section titled 'Issue Information' beginning on page 274 of the Prospectus.

The Equity Shares of our Company issued through the Prospectus are proposed to be listed on the SME Platform of BSE Limited ('SME BSE'), 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 July 2, 2018 from BSE Limited for using its name in the Offer document for listing of our shares on the SME Platform of BSE Limited. For the purpose of this Issue BSE Limited is the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 851 applications for 34,27,200 Equity shares (Before Technical Rejections, Multiple Rejections but after bids not banked Invalid Bids Multiple, Invalid Bids Duplicate) including Market Maker Application of 1,71,000 Equity Shares. The issue was subscribed to the extent of 1.01 times as per the application data (before technical rejection, multiple rejections, but after bids not banked, Invalid Bids Multiple, Invalid Bids Duplicate). After considering the technical rejections cases, the issue was subscribed 0.97 times (including Market Maker Portion.)

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 1,71,000 1.00 3,21,48,000.00
Retail Individual Investors 749 4,49,400 0.33 8,44,53,600.00
Non Institutional Investors 95 19,78,800 1.46 37,20,14,400.00
Non Institutional Investors - Underwriting 2 64,200 - 1,20,69,600.00
Qualified Institutional Buyer 6 8,28,000 1.55 15,56,64,000.00
Qualified Institutional Bidders - Underwriting 1 26,400 - 49,63,200.00
TOTAL 854 35,17,800 1.03 66,13,12,800.00

Final Demand

Sr No Bid Price No of Equity Shares Bid for % to total Cumulative Total Cumulative % of total
1 181 6,600 0.19 6,600 0.19
2 182 1,800 0.05 8,400 0.24
3 183 1,800 0.05 10,200 0.29
4 185 600 0.02 10,800 0.31
5 187 600 0.02 11,400 0.33
6 188 33,36,000 95.83 33,47,400 96.16
7 CUTOFF 1,33,800 3.84 34,81,200 100.00
  Total 34,81,200 100.00    

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE Limited on October 01, 2018

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. 188/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 1,71,000 Equity shares in full out of reserved portion of 1,71,000 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. 188/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 0.33 times. Total number of shares allotted in this category is 4,40,400 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 % of 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)
600 734 100.00 4,40,400 100.00 13,50,600 1840.05 600.00 1:1 4,40,400 -9,10,200
 
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. 188 /- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.00 times. Total number of shares allotted in this category is 22,60,800 Equity Shares. (Including unsubscribed portion of 9,10,200 Equity Shares of Retail Individual Investors Category & Underwritten Portion of 64,200 Equity hares) . 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 % of 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)
1,200 13 13.68 15,600 0.71 16,054 1235.08 1200.00 1:1 15600 -454
1,800 6 6.32 10,800 0.49 11,116 1852.67 1800.00 1:1 10800 -316
2,400 8 8.42 19,200 0.87 19,761 2470.13 2400.00 1:1 19200 -561
3,000 15 15.79 45,000 2.05 46,315 3087.67 3000.00 1:1 45000 -1315
4,200 1 1.05 4,200 0.19 4,323 4323.00 4200.00 1:1 4200 -123
4,800 1 1.05 4,800 0.22 4,940 4940.00 4800.00 1:1 4800 -140
5,400 3 3.16 16,200 0.74 16,673 5557.67 5400.00 1:1 16200 -473
6,000 2 2.11 12,000 0.55 12,351 6175.50 6000.00 1:1 12000 -351
7,800 3 3.16 23,400 1.07 24,084 8028.00 7800.00 1:1 23400 -684
9,000 1 1.05 9,000 0.41 9,263 9263.00 9000.00 1:1 9000 -263
9,600 1 1.05 9,600 0.44 9,881 9881.00 9600.00 1:1 9600 -281
10,200 1 1.05 10,200 0.46 10,498 10498.00 10200.00 1:1 10200 -298
10,800 3 3.16 32,400 1.48 33,347 11115.67 10800.00 1:1 32400 -947
12,000 4 4.21 48,000 2.19 49,403 12350.75 12000.00 1:1 48000 -1403
13,200 9 9.47 1,18,800 5.41 1,22,272 13585.78 13200.00 1:1 118800 -3472
21,000 1 1.05 21,000 0.96 21,614 21614.00 21000.00 1:1 21000 -614
26,400 1 1.05 26,400 1.20 27,172 27172.00 26400.00 1:1 26400 -772
27,000 2 2.11 54,000 2.46 55,578 27789.00 27000.00 1:1 54000 -1578
30,000 1 1.05 30,000 1.37 30,877 30877.00 30000.00 1:1 30000 -877
32,400 1 1.05 32,400 1.48 33,347 33347.00 32400.00 1:1 32400 -947
43,200 1 1.05 43,200 1.97 44,463 44463.00 43200.00 1:1 43200 -1253
52,800 4 4.21 2,11,200 9.61 2,17,373 54343.25 52800.00 1:1 211200 -6173
53,400 2 2.11 1,06,800 4.86 1,09,921 54960.50 53400.00 1:1 106800 -3121
54,000 1 1.05 54,000 2.46 55,578 55578.00 54000.00 1:1 54000 -1578
60,000 1 1.05 60,000 2.73 61,754 61754.00 60000.00 1:1 60000 -1754
79.200 1 1.05 79.200 3.61 81,515 81515.00 79200.00 1:1 79200 -2315
1,06,200 5 5.26 5,31,000 24.17 5,46,520 109304.00 106200.00 1:1 531000 -15520
1,16,400 1 1.05 1,16,400 5.30 1,19,802 119802.00 116400.00 1:1 116400 -3402
1,86,000 1 1.05 1,85,000 8.47 1,91,436 191436.00 186000.00 1:1 186000 -5436
2,65,800 1 1.05 2,65,800 12.10 2,73,559 273569.00 265800.00 1:1 265800 -7769
  95 100.00 21,96,600 100.00 22,60,800       2196600 -64,200*

* As per prospectus dated September 27, 2018, the issue is 100% underwritten with reference to underwriting agreement dated May 29, 2018. As HNI/NII category is technically undersubscribed to the extent of 64,200 Equity shares due to rejection of certain applications due to varied reasons the Underwriter is obliged to subscribe the unsubscribed portion in terms of the cited underwriting agreement. Hence, the Underwriter has procured in Rs. 1,20,69,600.00 for 64,200 Equity shares at the rate of Rs. 188.00 (cut off price) per Equity Share by transferring funds in to public issue account no. 000405117356 having account title MANORAMA INDUSTRIES LIMITED-PUBLIC ISSUE ACCOUNT with ICICI Bank on October 01, 2018, which has accordingly considered while doing basis of allotment under HNI portion.

D. Allocation to Qualified Institutional Investor (After Technical Rejection and multiple rejections)
Qualified Institutional Investor at the issue price of Rs. 188/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 1.00 times. Total number of shares allotted in this category is 5,32,200 Equity Shares. (Including underwritten Portion of 26,400 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 % of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding OH) Ratio of Allottees to the Applicants Total No. of Equity Shares Allotted Surplus/ (Deficit)
27000 1 33.33 27000 5.34 28410 28409.00 27000.00 1:1 27000 -1410
213000 1 33.33 213000 42.11 224117 224117.00 213000.00 1:1 213000 -11117
265800 1 33.33 265800 52.55 279673 279673.00 265800.00 1:1 265800 -13873
GRANDTOTAL 3 100.00 5,05,800 100.00 5,32,200       5,05,800 -26400*

*As per prospectus dated September 27, 2018, the issue is 100% underwritten with reference to underwriting agreement dated May 29, 2018. As QIB category is undersubscribed to the extent of 26,400 shares, the Underwriter is obliged to subscribe the unsubscribed portion in terms of the cited underwriting agreement. Hence, the Underwriter has brought in Rs. 49,63,200/- for 26,400 Equity shares at the rate of Rs. 188.00 (cut off price) per Equity Share by transferring funds in to public issue account no. 000405117356 having account title MANORAMA INDUSTRIES LIMITED - PUBLIC ISSUE ACCOUNT with ICICI Bank on October 01, 2018, which has accordingly considered while doing basis of allotment under QIB portion. Accordingly, 26,400 equity shares pursuant to the aforesaid underwriting obligation shall be allotted to the Underwriters viz., Pantomath Capital Advisors Private Limited.

The category -wise details of the Basis of Allotment are as under:

Category NBF MF's FPC Bodies Corporate AIF Fll CBO Total
QIB 2,13,000 - 2,65,800 - 27,000 - 26,400 5,32,200

The Board of Directors of the Company at its meeting held on October 01, 2018 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE 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 October 03, 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 SME Platform of the BSE Limited within six working days from the date of the closure of the Issue. The trading is proposed to commence on October 04, 2018 subject to receipt of listing and trading approvals from BSE Limited.

INVESTORS PLEASE NOTE

The details of the allotment made will 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-101,1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400083,
Maharashtra, India Tel: +91 022 49186200 Fax: +91 022 49186195
Email: manorama.ipo@linkintime.co.in
Investor grievance mail: manorama.ipo@linkintime.co.in Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan     SEBI Registration Number: INR000004058
For Manorama Industries Limited
On behalf of the Board of Directors
Sd/-
Vinita Saraf
Chairman & Managing Director
Date: October 03, 2018
Place: Mumbai

Manorama Industries IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Manorama Industries IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Manorama Industries 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 Manorama Industries IPO basis of allotment status?

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

    Visit the Manorama Industries IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Manorama Industries IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Manorama Industries 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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