Chittorgarh.com Logo
Loading...

Prakash Steelage IPO Details

Issue Open Aug 5, 2010
Issue Close Aug 10, 2010
IPO Price ₹110
Face Value ₹10
IPO Size ₹68.75 Cr
Listing At BSE, NSE
IPO Lot Size 60

(This is only an advertisement for information purposes not for publication or distribution, directly or indirectly outside India and not a Prospectus Announcement)

Prakash Steelage Ltd

Incorporated on 09/05/1991 under the companies Act, 1956 as 'Prakash Steelage Private Limited' vide Certificate of Incorporation issued by the Registrar of Companies Maharashtra, Mumbai. The Company was later converted into a public company and the name was changed to 'Prakash Steelage Limited' pursuant to shareholders resolution dated 11/07/1997 and received a certificate of change of name on 12/08/1997.

Registered Office: 701, Mahalaxmi Chambers, Bhulabhai Desai Road, Mumbai - 400 026. Tel: +91-22-2352 6513 / 14, Fax: +91-22-2352 6576, Email: cs@prakashsteelage.com Website: www.prakashsteelage.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 62,50,000 EQUITY SHARES OF Rs.10/- EACH ('EQUITY SHARES') OF PRAKASH STEELAGE LIMITED (THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF Rs. 110/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs.100/- PER EQUITY SHARE) AGGREGATING TO RS. 6875 LACS (THE 'ISSUE'). UPTO 1,00,000 EQUITY SHARES WILL BE RESERVED IN THE ISSUE FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE WOULD CONSTITUTE 35.71 % OF THE FULLY DILUTED POST-ISSUE PAID-UP EQUITY CAPITAL OF OUR COMPANY. THE FACE VALUE OF THE EQUITY SHARES IS RS. 10/- EACH AND THE ISSUE PRICE IS 11 TIMES THE ISSUE PRICE.

The Issue is being made through the 100% Book Building Process wherein upto 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ('QIB Portion') 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 the Issue Price. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% 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. The Issue received 28427 applications for 26436250 equity shares resulting in 4.528 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investors and Employee categories, which are as under: (Before technical rejections).

Sr.No. Category

No. of Applications Received

No. of Equity Shares

No. of times subscribed
A Retail Individual Bidders 28181 13563610 6.30
B Non Institutional Bidders 121 8877000 9.62
C Qualified Institutional Bidders 13 3902220 1.27
D Employees 112 93420 0.93

Total

28427 26436250 4.23

Final Demand

A summary of the final demand as per the BSE and the NSE as on the Bid/ Issue Closing Date at different bids is as detailed hereunder:

Bid Price No. of Shares % to total Cumulative Total Cumulative % of Total
100 26280 0.09 28300200 100.00
101 360 0.00 28273920 99.91
102 1560 0.00 28273560 99.91
103 13140 0.05 28272000 99.90
104 1020 0.00 28258860 99.85
105 2460 0.01 28257840 99.85
106 360 0.00 28255380 99.84
107 240 0.00 28255020 99.84
108 240 0.00 28254780 99.84
109 0 0.00 28254540 99.84
110 14888160 52.60 28254540 99.84
Cutoff price 13366380 47.23 13366380 47.23

Total

28300200 100.00

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the Bombay Stock Exchange Limited ('BSE') on August 19,2010 and due to rounding off, 39 equity shares have been additionally allotted thereby allotting a total of 62,50,039 equity shares.

A. Allocation to Retail Individual Investors (Including Applications Supported by Blocked Amount ('ASBA') (After Technical Rejections)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.110/- per Equity Share, was finalized in consultation with BSE, This category has been subscribed to the extent of 6.168 times, there were 27211 applications for 13322400 equity shares. The total number of shares allotted In Retail Individual Investor Category is 2159693 equity shares which Includes a spill over of 7154 shares from Employee category which were allotted to 17794 successful applicants. The category-wise details of the Basis of Allocation are as under:

Category No. of Applications % to total Total No. of Equity Shares applied % of total No. of Equity Snares allocated per applicant Ratio Total No. of Equity Shares allocated
60 8885 32.65 533100 4.00 60 6:37 86480
120 1667 6.13 200040 1.50 60 23:71 32400
180 951 3.49 171180 1.28 60 37:76 27780
240 642 2.36 154080 1.16 60 46:71 24960
300 667 2.45 200100 1.50 60 73:90 32460
360 237 0.87 85320 0.64 60 77:79 13860
420 658 2.42 276360 2.07 68 1:1 44744
480 436 1.60 209280 1.57 78 1:1 34008
540 174 0.64 93960 0.71 88 1:1 15312
600 498 1.83 298800 2.24 97 1:1 48306
660 138 0.51 91080 0.68 107 1:1 14766
720 71 0.26 51120 0.38 117 1:1 8307
780 56 0.21 43680 0.33 126 1:1 7056
840 60 0.22 50400 0.38 136 1:1 8160
900 12071 44.36 10863900 81.55 145 1:1 1750295
Additional 1 69:77 10819

B. Allocation to Non Institutional Investors (After Technical Rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at or above the Issue Price of Rs.110/- per Equity Share, was finalized in consultation with BSE. This category have been subscribed to the extent of 9.563 times. Overall 115 applications for 8851560 equity shares were found valid and on proportionate basis, the company .have allotted 925566 equity shares which Includes a spill over of 3066 equity shares from Employee category, which were allotted to 115 applicants. The category-wise details of the Basis of Allocation are as under:

Category No. of Applications % of total Total No of Equity Shares applied % of total No. of Equity Shares allocated per applicant Ratio Total No. of Equity Shares allocated
960 3 2.61 2880 0.03 100 1:1 300
1020 1 0.87 1020 0.01 107 1:1 107
1380 2 1.74 2760 0.03 144 1:1 288
1800 17 14.78 30600 0.35 188 1:1 3196
1860 1 0.87 1860 0.02 194 1:1 194
2700 2 1.74 5400 0.06 282 1:1 564
3000 1 0.87 3000 0.03 314 1:1 314
3600 5 4.35 18000 0.20 376 1:1 1880
4500 10 8.70 45000 0.51 471 1:1 4710
4800 2 1.74 9600 0.11 502 1:1 1004
4980 1 0.87 4980 0.06 521 1:1 521
5040 1 0.87 5040 0.06 527 1:1 527
6300 2 1.74 12600 0.14 659 1:1 1318
7200 1 0.87 7200 0.08 753 1:1 753
8100 1 0.87 8100 0.09 847 1:1 847
9000 5 4.35 45000 0.51 941 1:1 4705
9060 3 2.61 27180 0.31 947 1:1 2841
9120 3 2.61 27360 0.31 954 1:1 2862
10020 4 3.48 40080 0.45 1048 1:1 4192
11400 2 1.74 22800 0.26 1192 1:1 2384
11460 6 5.22 68760 0.78 1198 1:1 7188
15000 1 0.87 15000 0.17 1568 1:1 1568
18180 2 1.74 36360 0.41 1901 1:1 3802
19800 1 0.87 19800 0.22 2070 1:1 2070
22920 1 0.87 22920 0.26 2397 1:1 2397
36000 1 0.87 36000 0.41 3764 1:1 3764
36360 1 0.87 36360 0.41 3802 1:1 3802
45000 5 4.35 225000 2.54 4706 1:1 23530
45420 1 0.87 45420 0.51 4749 1:1 4749
50100 1 0.87 50100 0.57 5239 1:1 5239
54000 1 0.87 54000 0.61 5647 1:1 5647
90000 2 1.74 180000 2.03 9411 1:1 18822
90900 4 3.48 363600 4.11 9505 1:1 38020
90960 3 2.61 272880 3.08 9512 1:1 28536
91200 2 1.74 182400 2.06 9536 1:1 19072
99000 1 0.87 99000 1.12 10352 1:1 10352
120000 1 0.87 120000 1.36 12548 1:1 12548
136620 1 0.87 136620 1.54 14286 1:1 14286
138000 1 0.87 138000 1.56 14430 1:1 14430
181800 3 2.61 545400 6.16 19010 1:1 57030
181860 2 1.74 363720 4.11 19016 1:1 38032
227400 1 0.87 227400 2.57 23778 1:1 23778
300000 1 0.87 300000 3.39 31370 1:1 31370
386340 1 0.87 386340 4.36 40398 1:1 40398
454800 1 0.87 454800 5.14 47556 1:1 47556
461220 1 0.87 461220 5.21 48228 1:1 48228
922500 1 0.87 922500 10.42 96461 1:1 96461
2767500 1 0.87 2767500 31.27 289384 1:1 289384

C. Allocation to QIBs

The Basis of Allocation to the Qualified Institutional Bidders, who have bid at or above the Issue price of Rs. 110/- per Equity Share was finalized in consultation with BSE. Overall 13 applications for 3902220 Equity Shares were found valid and the quantum of shares allotted to this category is 3085220 which includes a spill over of 10220 equity shares from Employee category. The summary of allotment is as under:

Category Fls/Banks Flls MFs Cs PFs Others Total
No. of Equity Shares allocated 574946 2510274 - - - 3085220

D. Employee Investors

Overall 93 applications for 79560 Equity Shares were found valid and firm allotment is made due to under subscription in this category. The undersubscribed 20440 equity shares from Employee category have been spilled over to QIB, Retail & Non Institutional category in the ratio of 50:35:15

The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to 21.08.2010. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to 21.08.2010. In case the same is not received within 10 days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. 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. The Company is taking steps to get the Equity Shares admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within four working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

This details of the allocation made would be hosted on the website of Registrar to the Issue, Blgshare Services Pvt.Ltd at www.bigshareonline.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:

Bigshare Services Private Limited
Unit: Prakash Steelage Limited
E-2/3, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (E), Mumbai - 400 072. Fax: 022-28475207,
Email: ipo@bigshareonline.com

HELPLINE NUMBER 022-40430200

Place: Mumbai
Date : August 23,2010
For Prakash Steelage Limited
Sd/-
Sarika Singh
Company Secretary & Compliance Officer

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 PRAKASH STEELAGE LIMITED.

Prakash Steelage IPO Basis of Allotment FAQs

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

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

Visit the Prakash Steelage 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 Prakash Steelage IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).