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Sandhar Technologies IPO Details
IPO Date Mar 19, 2018 - Mar 21, 2018
IPO Price ₹332
Face Value ₹10
IPO Size ₹565.60 Cr
Listing At BSE, NSE
IPO Lot Size 45

SANDHAR TECHNOLOGIES LIMITED

Our Company was incorporated as Sandhar Locking Devices Private Limited on October 19, 1987, at New Delhi, India, as a private limited company under the Companies Act, 1956. The name of our Company was subsequently changed to Sandhar Locking Devices Limited on conversion to a public limited company, and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Delhi and Haryana ("RoC"), to our Company on September 21, 1992. Subsequently, the name of our Company was changed from Sandhar Locking Devices Limited to Sandhar Technologies Limited, and a fresh certificate of incorporation, consequent upon change of name was issued by the RoC to our Company on November 11, 2005. For details of change in the name and Registered Office of our Company, see "History and Certain Corporate Matters - Changes in Registered Office" on page 196 of the Prospectus dated March 22, 2018 ("Prospectus").

Registered Office: B-6/20, L.S.C. Safdarjung Enclave, New Delhi -110 029, India; Corporate Office: #13, Sector-44, Gurugram -122 002, Haryana, India
Contact Person: Arvind Joshi, Whole-time Director, Chief Financial Officer, Company Secretary and Compliance Officer; Tel: +91 124 451 8900; Fax: +91 124 451 8912;
E-mail: info@sandhar.in; Website: www.sandhargroup.com
Corporate Identity Number: U74999DL1987PLC029553

OUR PROMOTER: JAYANT DAVAR

Our Company has Registered the Prospectus dated March 22, 2018 with the RoC and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading will commence on April 2, 2018.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF UP TO 15,436,144 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ("EQUITY SHARES") OF SANDHAR TECHNOLOGIES LIMITED ("COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF RS 322 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 322 PER EQUITY SHARE) AGGREGATING UP TO RS 5,124.80 MILLION ("OFFER") COMPRISING A FRESH ISSUE OF UP TO 9,036,144 EQUITY SHARES AGGREGATING UP TO RS 3,000 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF UP TO 6,400,000 EQUITY SHARES BY GTI CAPITAL BETA PVT LTD (THE "SELLING SHAREHOLDER") AGGREGATING UP TO RS 2,124.80 MILLION ("OFFER FOR SALE"). THE OFFER WILL CONSTITUTE 25.65% OF OUR POST-OFFER PAID-UP EQUITY SHARE CAPITAL.

Offer Price: Rs 332 per Equity Share of face value of Rs 10 each | The Offer Price is 33.2 times the face value.
Anchor Investor Offer Price: Rs 332 per Equity Share.

RISK TO INVESTORS

(i) The two BRLMs associated with the Offer have handled 53 public issues in the past three years out of which 17 issues closed below the offer price on listing dates,
(ii) The Price/Earnings ratio based on Standalone EPS and Consolidated EPS for FY 2017 for the Issuer at the upper end of the Price Band is as high as 46.37 and 43.34 respectively, as compared to the average industry peer group P/E ratio of 35.63.
(iii) Average cost of acquisition of Equity Shares for the Selling Shareholder i.e. GTI Capital Beta Pvt Ltd is Rs 84.00 and Offer Price at upper end of the Price Band is as high as Rs 332.

BID/OFFER PROGRAMME | OPENED ON MARCH 19, 2018 | CLOSED ON MARCH 21, 2018 | ANCHOR INVESTOR BID/OFFER PERIOD: MARCH 16,2018

In terms of Rule 19(2)(b)(ii) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), this is an Offer for such percentage of the post-Offer paid-up Equity Share capital of our Company that was at least Rs 4,000 million calculated at the Offer Price. The Offer was made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI ICDR Regulations"), through the Book Building Process wherein not more than 50% of the Offer was allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"), provided that our Company and the Selling Shareholder, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (the "Anchor Investor Portion"), out of which one-third was reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI ICDR Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer was available for allocation on a proportionate basis to Non-Institutional Bidders, and not less than 35% of the Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential investors, other than Anchor Investors, were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank account which will be blocked by the Self Certified Syndicate Banks ("SCSBs") to participate in the Offer. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, please see the section entitled "Offer Procedure" beginning on page 481 of the Prospectus.

The bidding for Anchor Investor opened and closed on March 16, 2018. The Company received 21 applications from 15 anchor investors for 48,79,170 shares. The Anchor Investor Allocation Price was finalized at Rs 332 per Equity Share. A total of 4,630,842 shares were allocated under the Anchor Investor Portion aggregating to Rs 1,53,74,39,544.

The Offer (excluding Anchor Investors) received 135,256 applications for 66,138,930 Equity Shares (prior to technical rejections) resulting in 6.1209 times subscription. The details of the applications received in the Offer from various categories are as under (prior to technical rejections):

SI No. Category No. of
Applications
No. of Equity
Shares applied
Shares Reserved
as per Prospectus
No. of
times Subscribed
Amount (Rs)
A Retail Individual Investors 1,35,039 71,04,105 54,02,651 1.3149 2,35,96,90,905.04
B Non-Institutional Investors 191 1,43,14,320 23,15,422 6.1822 4,75,23,51,090.00
C Qualified Institutional Bidders 26 4,47,20,505 30,87,229 14.4856 14,84,72,07,660.00
Total 1,35,256 6,61,38,930 1,08,05,302 6.1209 21,959,249,655.04

Final Demand
A summary of the final demand as at different Bid prices is as under:

RATE SHARES (%) TO
TOTAL
Cumulative
Total
Cumulative
Total
%
327 36,495 0.05 36,495 0.05
328 3,600 0.01 40,095 0.06
329 5,220 0.01 45,315 0.07
330 21,330 0.03 66,645 0.10
331 6,300 0.01 72,945 0.11
332 6,06,44,880 89.98 6,07,17,825 90.09
9999 66,79,440 9.91 6,73,97,265 100.00
TOTAL 6,73,97,265 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on March 26, 2018.

A. Allotment to Retail Individual Investors (after technical rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs 332 per Equity Share, was finalized in consultation with the BSE. This category has been subscribed to the extent of 1.2953 times. The total number of Equity Shares Allotted in Retail Portion is 54,02,651 Equity Shares to 1,20,058 successful Retail Individual Investors. 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
45 1,27,498 95.69 57,37,410 81.99 45 82:91 51,70,005
90 2,636 1.98 2,37,240 3.39 45 82:91 1,06,875
135 829 0.62 1,11,915 1.60 45 82:91 33,615
180 446 0.33 80,280 1.15 45 82:91 18,090
225 246 0.18 55,350 0.79 45 28:31 9,990
270 192 0.14 51,840 0.74 45 28:31 7,785
315 160 0.12 50,400 0.72 45 9:10 6,480
360 80 0.06 28,800 0.41 45 9:10 3,240
405 32 0.02 12,960 0.19 45 29:32 1,305
450 124 0.09 55,800 0.80 45 19:21 5,040
495 24 0.02 11,880 0.17 45 11:12 990
540 36 0.03 19,440 0.28 45 8:9 1,440
585 931 0.70 5,44,635 7.78 45 82:91 37,755
5169 Allottees from Serial no 2 to 13 Additional 1(one) share 1 41:5169 41
TOTAL 1,33,234 100.00 69,97,950 100.00 54,02,651

B. Allotment to Non-Institutional Investors (After Technical Rejections)

The Basis of Allotment to the Non-Institutional Investors, who have bid at the Issue Price of Rs 332 per Equity Share or above, was finalized in consultation with the BSE. The Non-Institutional Portion has been subscribed to the extent of 6.1819 times. The total number of Equity Shares Allotted in this category is 23,15,422 Equity Shares to 190 successful Non-Institutional Investors. The category-wise details of the Basis of Allotment are as under: (Sample)

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
630 24 12.63 15,120 0.11 101 1:1 2,424
630 1 additional share is allocated for Serial no 1 in the ratio of 3:24 1 3:24 3
675 5 2.63 3,375 0.02 109 1:1 545
1,170 1 0.53 1,170 0.01 189 1:1 189
1,350 1 0.53 1,350 0.01 218 1:1 218
4,950 1 0.53 4,950 0.03 801 1:1 801
5,985 1 0.53 5,985 0.04 968 1:1 968
6,750 1 0.53 6,750 0.05 1,092 1:1 1,092
7,560 1 0.53 7,560 0.05 1,223 1:1 1,223
8,100 1 0.53 8,100 0.06 1,310 1:1 1,310
9,585 1 0.53 9,585 0.07 1,550 1:1 1,550
18,630 1 0.53 18,630 0.13 3,014 1:1 3,014
20,250 1 0.53 20,250 0.14 3,276 1:1 3,276
36,405 1 0.53 36,405 0.25 5,889 1:1 5,889
45,900 1 0.53 45,900 0.32 7,425 1:1 7,425
58,500 1 0.53 58,500 0.41 9,463 1:1 9,463
60,210 5 2.63 3,01,050 2.10 9,740 1:1 48,700
60,255 3 1.58 1,80,765 1.26 9,747 1:1 29,241
1,35,000 1 0.53 1,35,000 0.94 21,838 1:1 21,838
4,20,030 1 0.53 4,20,030 2.93 67,945 1:1 67,945
4,50,090 2 1.05 9,00,180 6.29 72,808 1:1 1,45,616
6,02,370 1 0.53 6,02,370 4.21 97,441 1:1 97,441
7,22,880 1 0.53 7,22,880 5.05 1,16,935 1:1 1,16,935
9,00,180 1 0.53 9,00,180 6.29 1,45,616 1:1 1,45,616
9,03,600 1 0.53 9,03,600 6.31 1,46,169 1:1 1,46,169
12,03,750 1 0.53 12,03,750 8.41 1,94,722 1:1 1,94,722
18,00,000 1 0.53 18,00,000 12.58 2,91,173 1:1 2,91,173
24,09,660 1 0.53 24,09,660 16.83 3,89,793 1:1 3,89,793

C. Allotment to QIBs (Excluding Anchor Investors)

Allotment to QIBs, who have Bid at the Offer Price of Rs 332 per Equity Share or above, has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extent of 14.4856 times of QIB Portion. As per the SEBI ICDR Regulations, Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e. 1,54,362 Equity Shares and other QIBs, including Mutual Funds were Allotted the remaining available Equity Shares i.e. 29,32,867 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 30,87,229 Equity Shares, which were allotted to 26 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

CATEGORY FI's/BANKS MFs IC's NBFC's AIF FII FPC TOTAL
QIBs 11,39,436 9,70,947 30,719 - - - 9,46,127 30,87,229

D. Allotment to Anchor Investors

The Company and the Selling Shareholder, in consultation with the BRLMs, have allocated 46,30,842 Equity Shares to 15 Anchor Investors applying through 21 applications. Anchor Investors at the Anchor Investor Offer Price of Rs 332 per Equity Share in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

CATEGORY FI's/BANKS MF's IC's VC's AIF FII FPC TOTAL
Anchor Investors - 29,81,610 - - 3,31,290 - 13,17,942 46,30,842

The IPO Committee of the Company on March 27, 2018 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum-lntimations and/or notices are being dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on March 27, 2018 and payment to non-Syndicate brokers have been issued on March 27, 2018. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on March 27, 2018 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing applications with BSE and NSE on March 27, 2018. The Company has received listing and trading approvals from BSE and NSE and the trading will commence on April 2, 2018.

All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made have been hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in. All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgement Slip received from the Designated Intermediary at the address of Registrar.

Link Intime India Private Limited
C-101,1st floor 247 Park, LBS Marg, Vikhroli (West), Mumbai 400 083
Tel: +91 22 4918 6200, Fax: +91 22 4918 6195, E-mail: stl.ipo@linkintime.co.in
Investor Grievance e-mail: stl.ipo@linkintime.co.in
Website: www.linkintime.co.in; Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

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 SANDHAR TECHNOLOGIES LIMITED.

Date: March 28, 2018
Place: New Delhi
For SANDHAR TECHNOLOGIES LIMITED
On behalf of Board of Directors
Sd/-
Whole-time Director,  Chief Financial Officer,  Company Secretary and Compliance Officer
Find the basis of allotment for Sandhar Technologies IPO. The basis of allotment document helps to understand how shares are allotted in IPO of Sandhar Technologies Limited. It provides detail about how many valid IPO applications received for Sandhar Technologies IPO and IPO allotment ratio in investor categories i.e. Retail, NII, QIB, Employee and Shareholders. You could find the answer to questions like; why I didn't get IPO allotment in Sandhar Technologies IPO? or what is the Sandhar Technologies IPO allotment ratio?




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