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Repco Home Finance IPO Details

Issue Open Mar 13, 2013
Issue Close Mar 15, 2013
IPO Price ₹172
Face Value ₹10
IPO Size ₹270.39 Cr
Listing At BSE, NSE
IPO Lot Size 75

REPCO HOME FINANCE LIMITED

Registered Office: Repco Tower, No. 33, North Usman Road, T. Nagar, Chennai 600 017, Tamil Nadu, India; Telephone: +9144 2834 0715; Facsimile: +9144 2834 0716 Corporate Office: Karumuttu Centre, Second Floor - North Wing, Old No: 498, New No: 634, Anna Salai, Nandanam, Chennai, Tamil Nadu, India Telephone: +9144 4210 6650; Facsimile: +9144 4210 6651
Contact Person and Compliance Officer: Mr. K.Prabhu; Telephone:+914442106650; Facsimile:+914442106651 E-mail: cs@repcohome.com; Website: www.repcohome.com

Our Company was incorporated as a public limited company under Companies Act, 1956 on April 4,2000 with the name Repco Home Finance Limited. We received our certificate of commencement of business on May 2,2000 from the Registrar of Companies, Tamil Nadu. There has been no change in the name and the registered office of our Company since incorporation. For further details, see the section titled 'History and Certain Corporate Matters' on page 101 of the Prospectus dated March 20,2013. ('Prospectus')

PROMOTER OF OUR COMPANY: REPCO BANK LIMITED

BASIS OF ALLOTMENT

The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited('NSE') and the BSE Limited('BSE') and the trading will commence on or around April 1, 2013.

PUBLIC ISSUE OF 15,720,262 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH ('EQUITY SHARES') OF REPCO HOME FINANCE LIMITED ('OUR COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF Rs. 172 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF Rs. 162 PER EQUITY SHARE, AGGREGATING TO Rs. 2,702.32 MILLION (THE 'ISSUE'). THE ISSUE INCLUDES A RESERVATION OF 180,000 EQUITY SHARES OF Rs. 10 EACH FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED IN 'DEFINITIONS AND ABBREVIATIONS' OF THE PROSPECTUS) AT THE ISSUE PRICE ('EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE 'NET ISSUE'. THE ISSUE SHALL CONSTITUTE 25.29% OF THE POST ISSUE PAID-UP CAPITAL AND THE NET ISSUE SHALL CONSTITUTE 25% OF THE POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. OUR COMPANY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS ('BRLMs') OFFERED DISCOUNT OF Rs. 16 TO THE ISSUE PRICE TO ELIGIBLE EMPLOYEES.

BID/ISSUE: OPENED ON WEDNESDAY, MARCH 13,2013
CLOSED ON FRIDAY, MARCH 15, 2013
ANCHOR INVESTOR BIDDING DATE : TUESDAY, MARCH 12,2013

ISSUE PRICE: Rs.172 PER EQUITY SHARE OF FACE VALUE OF Rs.10 EACH.
THE ISSUE PRICE IS 17.2 TIMES THE FACE VALUE
ANCHOR INVESTOR ISSUE PRICE : Rs.172 PER EQUITY SHARE

The Issue was made through the 100% Book Building Process in accordance with Rule 19(2)(b)(l) of the Securities Contracts Regulation Rules, 1957, as amended ('SCRR') read with Regulation 26(1) of the SEBIICDR Regulations, wherein 50% of the Net Issue was available for allocation on a proportionate basis to qualified institutional buyers ('QIBs'). Our Company may, in consultation with the BRLMs allocate up to 30% of the QIB Portion to Anchor Investors at the Anchor Investor Allocation Price, on a discretionary basis, out of which at least one-third was reserved for allocation to domestic Mutual Funds only. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Such number of Equity Shares representing 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the Net QIB Portion shall be 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, not less than 15% of the Net 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 to Retail Individual Bidders, subject to valid Bids being received from them at or above the Issue Price. The allotment of Equity Shares to each Retail Individual Bidder shall not be less than minimum bid lot, subject to availability of Equity Shares in Retail Investor category, and the remaining available Equity Shares, if any, shall be allotted on proportionate basis. Further, 180,000 Equity Shares shall be reserved for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the Issue price. All Investors other than Anchor Investors may participate in the Issue though the ASBA process by providing the details of their respective ASBA Accounts. QIBs and Non Institutional Bidders shall mandatorily participate through the ASBA process. Specific attention is invited to the section titled 'Issue Procedure' on page 209 of the Prospectus.

The Issue received 5,239 applications for 26,691,900 Equity Shares (net of multiple bids, Bid not banked and prior to technical rejections) resulting in 1.70 times subscription. The details of the applications received in the Issue from Retail Individual Bidders, Non-Institutional Bidders, QIBs excluding Anchor Investors, Anchor Investors and Eligible Employees are as under (before technical reiections):

Category No. of
Applications
No. of
Equity Shares
No. of
times Subscription
A Retail Individual Bidders 4,767 2,660,700 0.49
B Non-Institutional Bidders 14 821,550 0.35
C Qualified Institutional Bidders
(excluding Anchor Investors)
30 18,453,450 3.39
D Anchor Investors 13 4,654,350 2.00
E Employees 415 101,850 0.57
Total 5,239 26,691,900 1.70

Final Demand
The final demand at different bid prices is as under:

Bid Price No. of
Equity Shares
% to
Total
Cumulative
Total
Cumulative %
of Total
165 93,600 0.41 93,600 0.41
166 1,212,750 5.31 1,306,350 5.72
167 2,100 0.01 1,308,450 5.73
168 3,225 0.01 1,311,675 5.74
169 1,425 0.01 1,313,100 5.75
170 4,125 0.02 1,317,225 5.76
171 225 0.00 1,317,450 5.77
172 18,889,800 82.66 20,207,250 88.43
Cutoff 2,644,650 11.57 22,851,900 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on March 22,2013.

A. Allotment as per the NSE and the BSE to Retail Individual Bidders (After Technical Rejections)
The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.172 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.474 times. The total number of Equity Shares allotted in Retail Individual Bidders category is 2,579,475 Equity Shares to 4,549 successful applicants. Under-subscription of 2,859,617 Equity Shares in the Retail portion has been spilled over to QIB Portion. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % to total Total No. of Equity Shares applied % to total No. of Equity Shares allotted per applicant Ratio Total No. of Equity Shares allotted
75 1,526 33.55 114,450 4.44 75 1:1 114,450
150 382 8.40 57,300 2.22 150 1:1 57,300
225 139 3.06 31,275 1.21 225 1:1 31,275
300 181 3.98 54.300 2.11 300 1:1 54.300
375 37 0.81 13,875 0.54 375 1:1 13,875
450 36 0.79 16,200 0.63 450 1:1 16,200
525 236 5.19 123,900 4.80 525 1:1 123,900
600 134 2.95 80.400 3.12 600 1:1 80.400
675 9 0.20 6,075 0.24 675 1:1 6,075
750 26 0.57 19,500 0.76 750 1:1 19,500
825 9 0.20 7,425 0.29 825 1:1 7,425
900 17 0.37 15,300 0.59 900 1:1 15,300
975 24 0.53 23,400 0.91 975 1:1 23,400
1,050 14 0.31 14,700 0.57 1,050 1:1 14,700
1,125 1,779 39.11 2,001,375 77.59 1,125 1:1 2,001,375
TOTAL 4,549 100.00 2,579,475 100.00 2,579,475

B. Allotment to Non-Institutional Bidders (AfterTechnical Rejections)
The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Issue Price of Rs.172 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.352 times. The total number of Equity Shares allotted in this category is 820,425 Equity Shares to 13 successful applicants. Under-subscription of 1,510,615 Equity Shares in the Non-Institutional portion has been Spilled over to QIB Portion. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % to total Total No. of Equity Shares applied % to total No. of Equity Shares allotted per applicant Ratio Total No. of Equity Shares allotted
1,200 2 15.38 2,400 0.29 1,200 1:1 2,400
2,850 1 7.69 2,850 0.35 2,850 1:1 2,850
5,175 1 7.69 5,175 0.63 5,175 1:1 5,175
5,250 1 7.69 5,250 0.64 5,250 1:1 5,250
7,500 1 7.69 7,500 0.91 7,500 1:1 7,500
9,825 1 7.69 9,825 1.20 9,825 1:1 9,825
10,050 1 7.69 10,050 1.22 10,050 1:1 10,050
10,500 1 7.69 10,500 1.28 10,500 1:1 10,500
14,550 1 7.69 14,550 1.77 14,550 1:1 14,550
116,250 1 7.69 116,250 14.17 116,250 1:1 116,250
200,025 1 7.69 200,025 24.38 200,025 1:1 200,025
436,050 1 7.69 436,050 53.15 436,050 1:1 436,050
TOTAL 13 100.00 820,425 100.00 820,425

C. Allotment to QIBs (excluding Anchor Investors)
Allotment to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI ICDR Regulations, Mutual Funds were initially allocated 5% of the quantum of Equity Shares available i.e. 4,94,564 Equity Shares (including spill-over of 222,610 Equity Shares from Employee Reservation Portion, Retail Portion and Non-Institutional Portion) and other QIBs were allocated the remaining available equity shares i.e. 9,396,734 Equity Shares (including spill-over of 4,229,597 Equity Shares from Employee Reservation Portion. Retail Portion and Non-Institutional Portion) on proportionate basis.

Category Fls/Banks MFs ICs VCs Total
No.of Shares 2,735,214 5,730,046 1,426,038 - 9,891,298

D. Allotment to Anchor Investors
The Company has allocated 2,331,039 Equity Shares to 12 Anchor Investors, in consultation with the BRLMs. In accordance with the SEBI ICDR Regulations, this represents 30% of the QIB Portion.

E. Allotment to Eligible Employees (AfterTechnical Rejections)
The Basis of Allotment to the Eligible Employees, who have bid at cut-off or at the price of Rs.156 per Equity Share (Issue Price of Rs.172 per Equity Share, less the Employee Discount of Rs.16) was finalized in consultation with NSE. This category has been subscribed to the extent of 0.545 times. The total number of Equity Shares allotted in Employees category is 98,025 Equity Shares to 390 successful applicants. Under-subscription of 81,975 Equity Shares in the Employee Reservation Portion has been spilled over to the Net Issue. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % to total Total No. of Equity Shares applied % to total No. of Equity
Shares allotted per applicant
Ratio Total No. of Equity Shares allotted
75 145 37.18 10,875 37.18 75 1:1 10,875
150 90 23.08 13,500 23.08 150 1:1 13,500
225 13 3.33 2,925 3.33 225 1:1 2,925
300 58 14.87 17,400 14.87 300 1:1 17,400
375 7 1.79 2,625 1.79 375 1:1 2,625
450 4 1.03 1,800 1.03 450 1:1 1,800
525 4 1.03 2,100 1.03 525 1:1 2,100
600 52 13.33 31,200 13.33 600 1:1 31,200
675 9 2.31 6,075 2.31 675 1:1 6,075
825 1 0.26 825 0.26 825 1:1 825
1,050 1 0.26 1,050 0.26 1,050 1:1 1,050
1,275 6 1.54 7,650 1.54 1,275 1:1 7,650
TOTAL 390 100.00 98,025 100.00 98,025

The Board of Directors of our Company at its meeting held on March 22,2013 has taken on record the basis of allotment of Equity Shares approved by the Designated stock exchange, being NSE and has allotted the Equity Shares to various successful applicants.

The refund orders and allotment advice have been dispatched to the address of the investors as registered with the depositories on March 25,2013. Further, instructions to the SCSBs have been dispatched/mailed on March 23,2013. In case the same is not received within ten days, investors may contact at the address given below. The Refund Advices have been over-printed with the bank account details as registered, if any, with the depositories. The Equity Shares allotted to successful allottees have been uploaded on March 25,2013 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. Our Company is taking steps to get the Equity Shares admitted for trading on the NSE and BSE within 12working days of the closure of the Issue.

INVESTORS PLEASE NOTE

The details of the allocation made will be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://www.karisma.karvy.com.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name ofthe First/ Sole applicant, Serial number of the bid-cum-applicationform, 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
Plot No. 17 to 24, Vlttal Rao Nagar, Madhapur, Hyderabad 500 081, Andhra Pradesh, India
Tel: +91 40 4465 5000 Fax: +91 40 2343 1551, E-mail: repco.ipo@karvy.oom
Investor Grievance E-mail: repco.ipo@karvy.com, Website: karisma.karvy.com

Place: Chennai
Date: March 25,2013
For REPCO HOME FINANCE LIMITED
On behalf of Board of Directors
Sd/-
Managing Director

Repco Home Finance IPO Basis of Allotment FAQs

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

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

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