Mundra Port IPO Details

Issue Open Nov 1, 2007
Issue Close Nov 7, 2007
IPO Price ₹440
Face Value ₹10
IPO Size ₹1,771.00 Cr
Listing At BSE, NSE
IPO Lot Size 15

MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED

(Our Company was incorporated as Gujarat Adani Port Limited under the Companies Act, 1956 on May 26, 1998. The name of our Company was changed to Mundra Port and Special Economic Zone Limited on July 7, 2006.)
Registered and Corporate Office: Adani House, Near Mithakhali Six Roads, Navrangpura, Ahmedabad 380 009. Company Secretary and Compliance Officer: Mrs. Dipti Shah. Tel: (91 79) 2666 5555,
Fax: (91 79) 2656 5500, Email: dshah@adanigroup.com, Website: www.portofmundra.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 40,250,000 EQUITY SHARES OF RS. 10 EACH ("EQUITY SHARES") OF MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED ("MPSEZ", OR THE "COMPANY", OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 440 PER EQUITY SHARE, AGGREGATING RS. 17,710 MILLION, REFERRED TO HEREIN AS THE "ISSUE". THE ISSUE COMPRISES A NET ISSUE OF 40,100,000 EQUITY SHARES TO THE PUBLIC AND A RESERVATION OF 150,000 EQUITY SHARES FOR ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE AND NET ISSUE WILL CONSTITUTE 10.05% AND 10.01% RESPECTIVELY OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF THE COMPANY.
THE FACE VALUE OF EQUITY SHARE IS RS. 10/- EACH. THE ISSUE PRICE OF RS 440/- EACH IS 44 TIMES OF THE FACE VALUE

The Global Coordinators and Book Running Lead Managers are DSP Merrill Lynch Limited, JM Financial Consultants Private
Limited, and SSKI Corporate Finance Private Limited and Book Running Lead Managers are ENAM Securities Private
Limited, SBI Capital Markets Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited. The Equity shares of the Company are proposed to be listed on The Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and trading is expected to start on or around November 27,2007. In terms of Rule 19(2)(b) of the SCRR, this being an Issue for less than 25% of the post-Issue capital, the Issue is being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be allocated on a proportionate basis to QIB Bidders, out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above Issue price. If at least 60% of the Net Issue cannot be allocated to QIB Bidders, then the entire application money will be refunded forthwith. Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue shall be 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 150,000 Equity Shares shall be available for allocation on a proportionate basis to the Employees, subject to valid Bids being received at or above the Issue Price. In addition, in accordance with Rule 19(2)(b) of the SCRR, a minimum of 2,000,000 Equity Shares are being offered to the public and the size of the Net Issue shall aggregate to at least Rs. 100.00 crores. The Company has not opted for grading of the Issue. The issue received 1,145,446 applications for 4,64,16,57,435 Equity Shares resulting in 115.3207 times subscription. The details of the applications received in the Issue from QIBs, Non Institutional Bidders, Retail Individual Bidders and Eligible Employees (Before technical rejections) are as under:

Category No. of Applications No. of Shares Subscription (No. of times)
Retail Individual Bidders 1138303 190974495 15.8749
Non Institutional Bidders 6230 617347545 153.9520
QIBs 614 3832982790 159.3093
Eligible Employees 299 352605 2.3507

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
400 1649 23964570 0.5084 4713904875 100.0000
401 25 1935 0.0000 4689940305 99.4916
402 12 735 0.0000 4689938370 99.4916
403 6 450 0.0000 4689937635 99.4916
404 7 435 0.0000 4689937185 99.4916
405 33 2580 0.0001 4689936750 99.4915
406 5 780 0.0000 4689934170 99.4915
407 3 105 0.0000 4689933390 99.4915
408 7 705 0.0000 4689933285 99.4915
409 3 450 0.0000 4689932580 99.4915
410 249 374220 0.0079 4689932130 99.4914
411 7 1140 0.0000 4689557910 99.4835
412 85 20175 0.0004 4689556770 99.4835
413 14 3120 0.0001 4689536595 99.4831
414 4 360 0.0000 4689533475 99.4830
415 164 39300 0.0008 4689533115 99.4830
416 300 83460 0.0018 4689493815 99.4821
417 8 840 0.0000 4689410355 99.4804
418 4 390 0.0000 4689409515 99.4804
419 2 135 0.0000 4689409125 99.4804
420 949 21387855 0.4537 4669408990 99.4803
421 19 4773555 0.1013 4668021135 99.0266
422 5 480 0.0000 4663247580 98.9254
423 8 900 0.0000 4663247100 98.9254
424 4 690 0.0000 4663246200 98.9253
425 237 307170 0.0065 4663245510 98.9253
426 3 285 0.0000 4662938340 98.9188
427 7 570 0.0000 4662938055 98.9188
428 6 6240 0.0001 4662937485 98.9188
429 4 510 0.0000 4662931245 98.9187
430 383 3044535 0.0646 4662930735 98.9186
431 8 182370 0.0039 4659886200 98.8541
432 14 1335 0.0000 4659703630 98.8502
433 3 345 0.0000 4659702495 98.8502
435 155 7336590 0.1556 4659702150 98.8502
436 15 1710 0.0000 4652365560 98.6945
437 3 4845 0.0001 4652363850 98.6945
438 48 9765 0.0002 4652359005 98.6944
439 54 19305 0.0004 4652349240 98.6942
440 59422 4465248885 94.7251 4652329935 98.6938
9999 1105105 187081050 3.9687 187081050 3.9687
TOTAL 1169039 4713904875

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange ("BSE") on November 20, 2007. The IPO Committee of Directors of the Company at its meeting held on November 21, 2007 approved the Basis of Allocation of Equity Shares in the Issue and has allotted equity Shares to various successful applicants as described in "Method of Proportionate Basis of Allotment in the Issue" on page 325 of the Prospectus dated November 14, 2007.

A) Allocation to Non Institutional Bidders:
This category (net of technical rejections) was over subscribed 152.940370 times. The total number of shares allotted in this
category is 40,10,000 Equity Shares. The category wise details of the Basis of Allocation in this category are as under
(Only a sample provided):

Category No. Of Applications % to total No. of
Equity
Shares applied
% to total No. of
Equity
Shares
allocated
Ratio Total No. of
Equity
Shares
allocated
240 382 7.88 91680 0.01 15 1:10 570
255 49 1.01 12495 0.00 15 5:49 75
270 36 0.74 9720 0.00 15 1:9 60
285 11 0.23 3135 0.00 15 1:11 15
300 191 3.94 57300 0.01 15 5:38 375
315 25 0.52 7875 0.00 15 3:25 45
330 26 0.54 8580 0.00 15 2:13 60
345 23 0.47 7935 0.00 15 3:23 45
360 10 0.21 3600 0.00 15 1:5 30
375 24 0.50 9000 0.00 15 1:6 60
390 13 0.27 5070 0.00 15 2:13 30
405 14 0.29 5670 0.00 15 1:7 30
420 11 0.23 4620 0.00 15 2:11 30
435 9 0.19 3915 0.00 15 2:9 30
450 250 5.16 112500 0.02 15 1:5 750
465 13 0.27 6045 0.00 15 3:13 45
480 10 0.21 4800 0.00 15 1:5 30
495 29 0.60 14355 0.00 15 6:29 90
510 25 0.52 12750 0.00 15 1:5 75
525 21 0.43 11025 0.00 15 5:21 75
540 6 0.12 3240 0.00 15 1:6 15
555 5 0.10 2775 0.00 15 1:5 15
750 25 0.52 18750 0.00 15 8:25 120
900 32 0.66 28800 0.00 15 13:32 195
1410 2 0.04 2820 0.00 15 1:2 15
2280 23 0.47 52440 0.01 15 FIRM 345

B) Allocation to Retail Individual Bidders:
This category (net of technical rejections) was over subscribed 15.328019 times. The total number of shares allotted in this category is 1,20,30,000 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
allocated
15 47018 4.28 705270 0.38 15 7:100 49260
30 53063 4.83 1591890 0.86 15 3:23 103815
45 42777 3.69 1924965 1.04 15 9:46 125535
60 43159 3.93 2589540 1.40 15 6:23 168885
75 28954 2.63 2171550 1.18 15 15:46 141630
90 31019 2.82 2791710 1.51 15 9:23 182070
105 93516 8.51 9819180 5.33 15 21:46 640380
120 35527 3.23 4263240 2.31 15 12:23 278040
135 9961 0.91 1344735 0.73 15 27:46 87705
150 29244 2.66 4386600 2.38 15 15:23 286080
165 7331 0.67 1209615 0.66 15 33:46 78885
180 10459 0.95 1882620 1.02 15 18:23 122775
195 7266 0.66 1416870 0.77 15 42:49 93315
210 14558 1.32 3057180 1.66 15 21:23 199380
225 645516 58.72 145241100 78.77 15 45:46 9472245

C) Allocation to Eligible Employees:
This category (net of technical rejections) was over subscribed 2.324200 times. The total number of shares allotted in this category is 1,50,000 Equity Shares. The category wise details of the Basis of Allocation in this category are as under:
(Only a sample provided):

Category No. of Applications % to total No. of
Equity
Shares applied
% to total No. of
Equity
Shares
allocated
Ratio Total No. of
Equity
Shares
allocated
45 5 1.68 225 0.06 19 FIRM 95
150 2 0.67 300 0.09 65 FIRM 130
240 2 0.67 480 0.14 104 FIRM 208
360 3 1.01 1080 0.31 155 FIRM 465
450 8 2.69 3600 1.03 194 FIRM 1552
585 1 0.34 585 0.17 252 FIRM 252
705 2 0.67 1410 0.40 304 RRM 608
840 1 0.34 840 0.24 361 HRM 361
975 1 0.34 975 0.28 419 RRM 419
1095 3 1.01 3285 0.94 471 RRM 1413
1125 1 0.34 1125 0.32 484 RRM 484
1200 3 1.01 3600 1.03 516 FIRM 1548
1215 2 0.67 2430 0.70 523 RRM 1046
1440 2 0.67 2880 0.83 619 RRM 1238
1695 2 0.67 3390 0.97 729 RRM 1458
1965 1 0.34 1965 0.56 844 RRM 844
1995 2 0.67 3990 1.14 858 FIRM 1716
2010 108 36.36 217080 62.27 865 RRM 93420

D) Allocation to Qualified Institutional Buyers:

Category Financial Institutional/Banks Mutual Funds Foreign Institutional Investors Insurance Companies VCs
No. of Equity Shares 3405300 2996672 16117344 1447328 93356

The Refund Orders due to applicants have been dispatched to the address of the investors as registered with the depositories on November 22, 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 the depositories concerned on November 22, 2007. The listing applications have been filed with the BSE and NSE on November 22,2007 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 would be hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com
Further correspondence in respect of allotment of Equity Shares pertaining to the Issue may be addressed to the Registrar to the Issue, Intime Spectrum Registry 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 the address given below:

Intime Spectrum Registry Ltd.,
C-13, Pannalal Silk Mills Compound,
LBS Road Mumbai -400078
Tel.: (022) 2596 0320, Fax: (022) 2596 0329
E-mail: mpsezi-ipo@intimespectrum.com
Contact Person : Mr. Vishwas Attavar

Place: Ahmedabad,
Date : November 22, 2007
For Mundra Port And Special Economic Zone 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 MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED.

Mundra Port IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Mundra Port IPO?

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

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

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

  3. 3. What is Mundra Port IPO allotment process?

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