MindTree IPO Details

Issue Open Feb 9, 2007
Issue Close Feb 14, 2007
IPO Price ₹425
Face Value ₹10
IPO Size ₹237.72 Cr
Listing At BSE, NSE
IPO Lot Size 15

Mind Tree Consulting Limited

(The Company was incorporated as MindTree Consulting Private limited on August 5, 1999. The status of the Company was subsequently changed to a public limited company by a special resolution of the members passed at the annual general meeting held on September 27,2006. The fresh certificate of incorporation consequent on change of name was granted to the Company on November 6,2006 by the Registrar of Companies, Karnataka.)
Regd. Off: MindTree House, No. 3, Block A, No. 42, 27th Cross, Banashankari 2nd Stage, Bangalore 560 070, India. Company Secretary and Compliance Officer: Rostow Ravanan, Tel: (91 80) 2671 1777/ 2671 2777,
Fax: (91 80) 2671 4000, Email: investors@mindtree.com, Website: www.mindtree.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 5,593,300 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS 425 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 415 PER EQUITY SHARE (THE "ISSUE") BY MINDTREE CONSULTING LIMITED (THE "COMPANY OR "THE ISSUER"), AGGREGATING RS. 2377.15 MILLION. THE ISSUE COMPRISES A NET ISSUE OF 4,940,740 EQUITY SHARES OF RS. 10 EACH (THE "NET ISSUE"), A RESERVATION OF UP TO 372,900 EQUITY SHARES OF RS. 10 EACH FOR OUR ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION") AND A RESERVATION OF UP TO 279,660 EQUITY SHARES OF RS. 10 EACH FOR OUR BUSINESS ASSOCIATES (THE "BUSINESS ASSOCIATE RESERVATION PORTION"). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION AND THE BUSINESS ASSOCIATE RESERVATION PORTION IS REFERRED TO AS THE "NET ISSUE". THE ISSUE WOULD CONSTITUTE 15% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY. THE NET ISSUE WILL CONSTITUTE 13.25% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.

THE FACE VALUE OF EQUITY SHARE IS RS. 10/- EACH. THE ISSUE PRICE OF RS 425 EACH IS 42.5 TIMES OF THE FACE VALUE

The Book Running Lead Managers are Kotak Mahindra Capital Company Limited and JM Morgan Stanley Private Limited The Co-Book Running Lead Manager is JP. Morgan India Private Limited and the Lead Manager is Macquarie India Advisory Services Private Limited.

The Equity Shares of the Company are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and The Bombay Stock Exchange Limited ("BSE") and trading is expected to start on or around March 7, 2007

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 ("SCRR"), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein 60% of the Net Issue was allocated on a proportionate basis to Qualified Institutional Buyers ("QTBs"), out of which 5% was made available for allocation on a proportionate basis to Mutual Funds only. The remainder was made available for allocation on a proportionate basis to all QIBs including Mutual Funds, subject to valid bids being received from them at or above the Issue Price. Further, up to 10% of the Net Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and up to 30% of the Net Issue was made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. Further, up to 372,900 Equity Shares were made available for allocation on a proportionate basis to the Eligible Employees and up to 279,660 Equity Shares were made available for allocation on a proportionate basis to the Business Associates, subject to valid Bids being received at or above the Issue Price.

The issue received 363,955 applications for 574,735,818 Equity Shares resulting in 102.75 times subscription. The details of the applications received in the Issue from QIBs, Non Institutional Bidders, Retail Individual Bidders, Eligible Employees and Business Associate (Before technical rejections) arc as under:

Category No.of Applications No. of Shares Subscription
(No. of times)
Retail Individual Bidders 359,389 43,815,799 29.5609
Non Institutional Bidders 1849 63,000,895 127.5128
QlBs 410 465,526,109 157.3651
Business Associates 3 49,530 0.1771
Employee Bidders 2304 2,343,485 3,8759

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price No.of Applications No. of Shares % to Total Cumulative no. of Shares Cumulative % to total
365 1,395 566,895 0.0976 580,929,390 100.0000
366 28 1,395 0.0002 580,362,495 99.9024
367 23 3,645 0.0006 580,361,100 99.9022
368 8 630 0.0001 580,357,455 99.9015
369 10 1,170 0.0002 580,356,825 99.9014
370 261 303,885 0.0523 580,355,655 , 99.9012
371 14 1,770 0.0003 580,051,770 99.8489
372 5 960 0.0002 580,050,000 99.8486
373 1 15 0.0000 580,049,040 99.8485
374 14 3,180 0.0005 580,049,025 99.8485
375 624 170,895 0.0294 580,045,845 99.8479
376 15 3,510 0.0006 579,874,950 99.8185
377 11 1,740 0.0003 579,871,440 99.8179
378 6 630 0.0001 579,869,700 99.8176
379 2 45 0.0000 579,869,070 99.8175
380 211 52,980 0.0091 579,869,025 99.8175
381 8 600 0.0001 579,816,045 99.8084
382 3 360 0.0001 579,815,445 99.8082
383 3 735 0.0001 579,815,085 99.8082
384 1 30 0.0000 579,814,350 99.8081
385 94 7,770 0.0013 579,814,320 99.8081
386 5 885 0.0002 579,806,550 99.8067
387 3 150 0.0000 579,805,665 99.8066
388 4 1,725 0.0003 579,805.515 99.8065
390 254 46,560 0.0080 579,803,790 99.8062
391 6 1,380 0.0002 579,757,230 99.7982
392 169 42,300 0.0073 579,755,850 99.7980
393 3 420 0.0001 579,713,550 99.7907
394 2 180 0.0000 579,713,130 99.7906
395 229 74,940 0.0129 579,712,950 99.7906
396 9 1,470 0.0003 579,638,010 99.7777
397 5 750 0.0001 579,636,540 99.7775
398 407 97,125 0.0167 579,635,790 99.7773
399 12 1,365 0.0002 579,538,665 99.7606
400 1,215 811,785 0.1397 579,537,300 99.7604
401 15 1,065 0.0002 578,725,515 99.6206
402 8 405 0.0001 578,724,450 99.6204
403 1 15 0.0000 578.724.045 99.6204
404 4 525 0.0001 578,724.030 99.6204
405 78 33,435 0.0058 578,723,505 99.6203
406 8 825 0.0001 578,690,070 99.6145
407 3 165 0.0000 578,689,245 99.6144
408 3 675 0.0001 578,689,080 99.6144
409 2 30 0.0000 578,688,405 99.6142
410 179 66,270 0.0114 578,688,375 99.6142
411 6 390 0.0001 578,622,105 99.6028
412 8 2,040 0.0004 578,621,715 99.6028
413 1 60 0.0000 578,619,675 99.6024
414 4 960 0.0002 578,619,615 99.6024
415 223 176,850 0.0304 578,618,655 99.6022
416 200 42,150 0.0073 578,441,805 99.5718
417 3 285 0.0000 578,399,655 99.5645
418 4 1,440 0.0002 578399,370 99.5645
419 4 1,215 0.0002 578,397,930 99.5642
420 154 136,320 0.0235 578,396,715 99.5640
421 13 735 0.0001 578,260.395 99.5406
422 9 1,125 0.0002 578,259,660 99.5404
423 25 2,595 0.0004 578,258.535 99.5402
424 31 3,870 0.0007 578,255.940 99.5398
425 27,369 534,825,000 92.0637 578,252,070 99.5391
CUT OFF 346,814 43,427,070 7.4754 43,427,070 7.4754
TOTAL 380,229 580,929,390 100.0000

The Basis of Allocation was finalized in consultation with NSE on February 27, 2007. The Board of Directors of the Company at their meeting held on February 28, 2007 approved the Basis of Allocation of Equity Shares in the Issue and has allotted equity Shares to various successful applicants.

A) Allocation to Non Institutional Bidders:

This category (net of technical rejections) was subscribed 126.93389 times. The total number of shares allotted in this category is 494,075 Equity Shares. The category wise details of the Basis of Allocation in this category are as under (Sample):

Category No. of
applications
% to total No. of
Equity
Shares
applied
% to
total
No. of
Equity Shares
allocated
Ratio Total no. of
Equity Shares
Shares allocated
240 213 12.972 51,120 0.082 15 13:62 675
255 30 1.827 7,650 0.012 15 2:15 60
270 31 1.888 8,370 0.013 15 4:31 60
285 13 0.792 3,705 0.006 15 1:13 15
300 139 8.465 41,700 0.066 15 8:53 315
315 7 0.426 2,205 0.004 15 1:07 15
330 9 0.548 2,970 0.005 15 1:09 15
345 14 0.853 4,830 0.008 15 1:07 30
1,882.350 3 0.183 5,647,050 9.004 14,829 1:01 44,487
2,352,930 2 0.122 4,705,860 7.504 18,537 1:1 37,074
3,529,410 1 0.061 3,529,410 5.628 27,805 1::1 27,805
4,500,000 1 0.061 4,500,000 7.175 35,452 1:1 35,452
4,705,800 1 0.061 4,705,800 7.503 37,072 1:1 37,072
4,705,875 2 0.122 9,411,750 15.007 37,071 1:1 74,142

B) Allocation to Retail Individual Bidders:

This category (net of technical rejections) was subscribed 28.55172 times. The total number of shares allotted in this category is 1,482,220 Equity Shares. The category wise details of the Basis of Allocation in this category are as under:

Category No. of
applications
% to total No. of
Equity Shares
applied
% to total No. of
Equity Shares
allocated
Ratio Total no. of
Equity Shares
Shares allocated
15 38,732 11.198 580,980 1.373 15 3:86 20,340
30 33,432 6.665 1,002,960 2.370 15 3:43 35,245
45 21,910 6.334 985,950 2.330 15 9:86 34,530
60 22,271 6.439 1,336,260 3.158 15 7:50 46,800
75 10,775 3.115 808,125 1.910 15 7:40 28,290
90 13,447 3.888 1,210,230 2.860 15 17:81 42,375
105 64,698 18.705 6,793,290 16.052 15 12:49 237,915
120 9,731 2.813 1,167,720 2.759 15 7:25 40,890
135 2,448 0.708 330,480 0.781 15 17:54 11.565
150 6,120 1.769 918,000 2.169 15 7:20 32,145
165 1,690 0.489 278.850 0.659 15 5:13 9,765
180 2,771 0.801 498,780 1.179 15 21:50 17,460
195 1,904 0.550 371,280 0.877 15 5:11 12,990
210 3,628 1.049 761,880 1.800 15 24:49 26,670
225 112,334 32.477 25,275,150 59.724 15 52:99 885,240

C) Allocation to Eligible Employees

This category (net of technical rejections) was subscribed 3.87590 times. The total number of shares allotted in this category is 603,030 Equity Shares. The category wise details of the Basis of Allocation in this category are as under (Sample):

Category No. of
applications
% to total No. of
Eqity Shares
applied
% to total No. of
Equity Shares
allocated
Ratio Total no. of
Equity Shares
Shares allocated
15 9 0.392 135 0.006 15 4:9 60
30 12 0.522 360 0.015 15 2:3 120
45 22 0.957 990 0.042 15 17:22 255
60 25 1.088 1,500 0.064 15 1:1 375
75 27 1.175 2,025 0.087 19 1:1 513
18,345 1 0.044 18,345 0.785 4,733 1:1 4,733
19,500 1 0.044 19,500 0.834 5,031 1:1 5.031
19,995 2 0.087 39,990 1.711 5,159 1:1 10,318
26,115 1 0.044 26,115 1.117 6,738 1:1 6,738
166,140 1 0.044 166,140 7.108 42,865 1:1 42,865

D) Allocation to Business Associates

This category (net of technical rejections) was subscribed by 0.1771 times. The total number of shares allotted in this category is 49,530 Equity Shares. The category wise details of the Basis of Allocation in this category are as under:

Category No. of
applications
% to
total
No. of
Equity Shares
applied
% to total No. of
Equity Shares
allocated
Ratio Total no. of
Equity Shares
Shares allocated
4,005 1 33.333 4,005 8.086 4,005 1:1 4,005
15,525 1 33.333 15,525 31.345 15,525 1:1 15.525
30,000 1 33.333 30,000 60.569 30,000 1:1 30,000

E) Allocation to Qualified Institutional Buyers:

Allocation to QTBs have been done on a proportionate basis in consultation with NSE. As per SEBI Guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (148,222) and other QTfis and unsatisfied demands of Mutual Funds were allotted the remaining available shares (2,816,223) on proportionate basis.

Category Financial
Institutional/
Banks
Mutual Fnnds Foreign
Institutional
Investors
Insurance
Companies
VCs
No. of Equity Shares 414,382 498,991 1,775,797 271,710 3,565

The Refund Orders due to applicants has been dispatched to the address of the investors as registered with the depositories on March 1,2007. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over printed with the bank mandate details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with die depositories concerned on March 1, 2007. The listing applications has been filed with the BSE and NSE on March 1, 2007 and the Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within seven working days from the date of approval of the Basis of Allocation.

Investors Please Note:

The details of allocation made have been hosted on the website of the Registrar to the Issue, Mondkar Computers Private Limited: www.mondkarcomputers.com.

Further correspondence in respect of allotment of Equity Shares pertaining to the Issue may be addressed to the Registrar to the Issue, Mondkar Computers Private Limited, quoting full name of the First/ Sole Applicant, Serial Number of the Bid cum Application Form, Number of Equity shares bid for, Name of the Member of the Syndicate, Place where the bid was submitted and payment details at me address given below:

Mondkar Computers Private Limited
21, Shakil Niwas, Opp. Satyasaibaba Temple, Mahakali Caves Road, Andheri (East), MUMBAI-400093.
TEL: (91 22) 28207203 - 205, 28257641, 28366620 
Fax: (91 22) 28207207
Email: mindtree_ipo@mondkarcomputers.com
Website: www.mondkarcomputers.com
Contact Person: Mr. Ashok Gupta / Mr. Ravindra Utekar

Place: Bangalore
Date : March 2, 2007

For MindTree Consulting Limited
On Behalf of the Board of Directors
Sd/-

Authorized Signatory

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF MINDTREE CONSULTING LIMITED

MindTree IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in MindTree IPO?

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

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

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

  3. 3. What is MindTree IPO allotment process?

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