Pennar Engineered IPO Details

Issue Open Aug 25, 2015
Issue Close Aug 27, 2015
IPO Price ₹178
Face Value ₹10
IPO Size ₹156.19 Cr
Listing At BSE, NSE
IPO Lot Size 80

PENNAR ENGINEERED BUILDING SYSTEMS LIMITED

Our Company was incorporated under the Companies Act, 1956 as "Pennar Engineered Building Systems Limited', a public limited company pursuant to a certificate of incorporation dated January 17,2008 and received a certificate of commencement of business on February 19,2008. For details of change in the registered office of our Company, see "History and Corporate Structure' on Page 158 of the Prospectus dated September 2,2015 ("Prospectus').

Registered & Corporate Office: 9th Floor, DHFLVC Silicon Towers, Kondapur, Hyderabad 500 084, Telangana, India. Contact Person: Subhash Kishan Kandrapu, Company Secretary and Compliance Officer; Tel: +9140 40210525; Fax: +9140 4018 6992; Email: cs@pebspennar.com
Website: www.pebspennar.in; Corporate Identity Number: U45400AP2008PLC057182

PUBLIC ISSUE OF 8,774,567 EQUITY SHARES OF FACE VALUE OF RS 10 EACH (THE "EQUITY SHARES") OF PENNAR ENGINEERED BUILDING SYSTEMS LIMITED, (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS 178 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 168 PER EQUITY SHARE) AGGREGATING TO RS 1,561.87 MILLION CONSISTING OF A FRESH ISSUE OF 3,258,426 EQUITY SHARES AGGREGATING TO RS 580 MILLION BY OUR COMPANY (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 5,516,141 EQUITY SHARES BY THE SELLING SHAREHOLDERS (AS DEFINED IN "DEFINITIONS AND ABBREVIATIONS" ON PAGE 6 OF THE PROSPECTUS) AGGREGATING TO RS 981.87 MILLION (THE"OFFER FOR SALE" AND THE FRESH ISSUE ARE TOGETHER REFERRED TO AS, THE "ISSUE"). THE ISSUE WILL CONSTITUTE 25.60% OF THE FULLY DILUTED POST ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON BSE LIMITED ("BSE") AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") AND THE TRADING WILL COMMENCE ON OR AROUND SEPTEMBER 10,2015.

ISSUE PRICE: RS 178 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
THE ISSUE PRICE IS 17.8 TIMES THE FACE VALUE
ANCHOR INVESTOR ISSUE PRICE: RS 178 PER EQUITY SHARE


BID/ISSUE: OPENED ON AUGUST 25, 2015 • CLOSED ON AUGUST 27, 2015
ANCHOR INVESTOR BID/ISSUE PERIOD: AUGUST 24, 2015

In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended, (the "SCRR") this Issue was made for at least 25.00% of the post Issue paid-up Equity Share capital of our Company. The Issue was made through the Book Building Process, in compliance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBIICDR Regulations") where not more than 50.00% of the Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Category").Our Company and the Selling Shareholders had, in consultation with the Book Running Lead Managers allocated 60.00% of the QIB Category to Anchor Investors, on a discretionary basis (the "Anchor Investor Portion"), of which one-third was reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5.00% of the QIB Category (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. Further, not less than 15.00% of the Issue was available tor allocation on a proportionate basis to Non-Institutional Investors and not less than 35.00% of the 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. Subject to valid Bids being received at or above the Issue Price, undersubscription, if any, in the Non-Institutional Portion and Retail Portion would be allowed to be met with spill-over from other categories or a combination of categories at the discretion of our Company and the Selling Shareholders in consultation with the BRLMs and the Designated Stock Exchange.Retail Individual Investors participated in this Issue through the Non-ASBA process as well as through ASBA process by providing details of the ASBA Accounts in which the corresponding Bid Amounts were blocked by the SCSBs. QIBs (excluding Anchor Investors) and Non-Institutional Investors participated in the Issue only through the ASBA process. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "Issue Procedure' beginning on Page 320 of the Prospectus.

The Issue received 12,874 Applications for 10,940,960 Equity Shares (before technical rejections) resulting in 1.25 times subscription. The details of the Applications received in the Issue from various categories are as under: (Before technical rejections)

SI no Category No. of Applications No. of Equity Shares Shares Reserved No. of times Subscribed
A Retail Individual Bidders 12,833 1,206,720 3,071,099 0.39
B Non Institutional Bidders 11 1,482,080 1,316,186 1.13
C Qualified Institutional Bidders(Excluding Anchors) 16 4,038,320 1,754,913 2.30
D Anchor Investors 14 4,213,840 2,632,369 1.60
Total 12,874 10,940,960 8,774,567 1.25

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

Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % to Total
170 66,480 0.90 66,480 0.90
171 320 0.00 66,800 0.91
172 2,400 0.03 69,200 0.94
173 400 0.01 69,600 0.94
174 58,000 0.79 127,600 1.73
175 4,400 0.06 132,000 1.79
176 160 0.00 132,160 1.79
177 720 0.01 132,880 1.80
178 6,067,280 82.30 6,200,160 84.10
CUT-OFF 1,171,840 15.90 7,372,000 100.00
TOTAL 7,372,000 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on September 3,2015.
A. Allotment to Retail Individual Investors (After Technical Rejections) (including ASBA Applications).
The Basis of Allotment to the Retail Individual Investors, who had Bid at Cut-off Price or at the Issue Price of  Rs 178 per Equity Share was finalized in consultation with BSE. The category has been subscribed to the extent of 0.3863 times. The total number of Equity Shares Allotted in this category is 1,186,480 Equity Shares to 12,632 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications
Received
% of
Total
Total No. of Equity
Shares applied
%to
Total
No. of Equity Shares
allotted per applicant
Ratio Total No. of Equity
Shares allotted
80 11,971 94.77 957,680 80.72 80 1:1 957,680
160 325 2.57 52,000 4.38 160 1:1 52,000
240 92 0.73 22,080 1.86 240 1:1 22,080
320 57 0.45 18,240 1.54 320 1:1 18,240
400 43 0.34 17,200 1.45 400 1:1 17,200
480 13 0.10 6,240 0.53 480 1:1 6,240
560 35 0.28 19,600 1.65 560 1:1 19,600
640 8 0.06 5,120 0.43 640 1:1 5,120
720 7 0.06 5,040 0.42 720 1:1 5,040
800 19 0.15 15,200 1.28 800 1:1 15,200
880 2 0.02 1,760 0.15 880 1:1 1,760
960 3 0.02 2,880 0.24 960 1:1 2,880
1,040 5 0.04 5,200 0.44 1040 1:1 5,200
1,120 52 0.41 58,240 4.91 1120 1:1 58,240
TOTAL 12,632 100.00 1,186,480 100.00 1,186,480

B. Allotment to Non Institutional Investors (After Technical Rejections) (including ASBA Applications):
The Basis of Allotment to the Non-Institutional Investors, who have Bid at the Issue Price of Rs 178 per Equity Share, was finalized in consultation with the BSE. This category has been subscribed to the extent of 0.6992 times. The total number of Equity Shares Allotted in this category is 920,320 Equity Shares to 10 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications
Received
% of
Total
Total No. of Equity
Shares applied
%to
Total
No. of Equity Shares
allotted per applicant
Ratio Total No. of Equity
Shares allotted
2880 1 10.00 2,880 0.31 2880 1:1 2,880
5040 1 10.00 5,040 0.55 5040 1:1 5,040
6720 1 10.00 6,720 0.73 6720 1:1 6,720
10000 1 10.00 10,000 1.09 10000 1:1 10,000
12000 1 10.00 12,000 1.30 12000 1:1 12,000
12960 1 10.00 12,960 1.41 12960 1:1 12,960
56160 1 10.00 56,160 6.10 56160 1:1 56,160
140400 1 10.00 140,400 15.26 140400 1:1 140,400
280880 1 10.00 280,880 30.52 280880 1:1 280,880
393280 1 10.00 393,280 42.73 393280 1:1 393,280
TOTAL 10 100.00 920,320 100.00 920,320

C. Allotment to QIBs, excluding Anchor Investors (After Technical Rejections):
The Basis of Allotment to QIBs who have Bid at the Issue Price of  Rs 178 per Equity Share has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extent of 2.2995 times. As per the SEBI ICDR Regulations, Mutual Funds were Allocated 5% of the Equity Shares of Net QIB Portion, including spillover from the Retail and Non Institutional Category available i.e. 114,024 Equity Shares and other QIBs including Mutual Funds, were Allocated the remaining available 2,166,461 Equity Shares on proportionate basis. The total number of Equity Shares allotted in the QIB category (excluding Anchor Investor Portion) is 4,035,398 Equity Shares, which were allotted to 16 successful Applicants. The category-wise details of the Basis of Allotment are as under:

Category Fls/Banks MFs ICs Others AIF Flls/FPIs Total
QIB 841,999 3,058,142 0 0 0 135,257 4,035,398

The un-subscribed portion of 114,024 equity shares of Retail Individual Investors and Non-Institutional Investors was added to QIBs - Mutual Funds. The un-subscribed portion of 2,166,461 equity shares of Retail Individual Investors and Non-Institutional Investors was added to QIBs - Other QIBs + Mutual Funds. D. Allotment to Anchor Investors:
The Company and the Selling Shareholders in consultation with the BRLMs had Allocated 2,632,369 Equity Shares to 14 Anchor Investors through 14 Applications at the Anchor Investor Issue Price of Rs 178 per Equity Shares in accordance with the SEBI ICDR Regulations. This represents 60.00% of the QIB Category.
The IPO Committee of the Company, at its meeting held on September 4,2015, has approved the Basis of Allotment of the Equity Shares approved by the Designated Stock Exchange, being BSE, and Allotted the Equity Shares to various successful Applicants. The Allotment Advice-cum-Refund Orders and/ or notices have been dispatched on or before September 7,2015 to the address of the investors as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks have been dispatched/ mailed on September 3,2015. In case the same is not received within ten (10) days, investors may contact the Registrar to the Issue at the address given below. The Refund Orders have been over-printed with the BankAccount details as registered, if any, with the depositories. The corporate action to credit the Equity Shares to the successful Applicants has been initiated on September 4,2015 in order to credit the Equity Shares on or before September 7,2015 to their beneficiary accounts subject to validation of the account details with the depositories concerned. Our Company is taking steps tor completion of the necessary formalities to get the Equity Shares admitted for trading on the BSE and the NSE within twelve Working Days from the Bid/Issue Closing Date.

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

These details of the Allotment made shall be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at www.karisma.karvy.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue 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:

Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31 -32, Gachibowli, Financial District, Nanakramguda, Hyderabad 500 032 Telangana, India. Tel: +9140 6716 2222; Fax: +9140 23431551 Toll free no.: 1800 3454 001; Email: einward.ris@karvy.com; Investor grievance email: pebspennar.ipo@karvy.com; Website: www.karisma.karvy.com Contact Person: M. Murali Krishna; SEBI Registration No.: INR000000221; CIN: U74140TG2003PTC041636

Place : Hyderabad
Date : September 7,2015

For Pennar Engineered Building Systems Limited
On behalf of the Board of Directors
sd/-
Potluri Venkateswara Rao
Managing Director

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF PENNAR ENGINEERED BUILDING SYSTEMS LIMITED.

The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act, 1933 ("U.S. Securities Act") or any state securities laws in the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are only being offered and sold outside the United States in offshore transactions in reliance on Regulation Sunder the U.S. Securities Act and applicable laws of the jurisdictions where such offers and sales occur.

Pennar Engineered IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Pennar Engineered IPO?

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

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

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

  3. 3. What is Pennar Engineered IPO allotment process?

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