Sintercom India IPO Details

Issue Open Feb 5, 2018
Issue Close Feb 7, 2018
IPO Price ₹65
Face Value ₹10
IPO Size ₹42.55 Cr
Listing At NSE SME
IPO Lot Size 2000

SINTERCOM INDIA LIMITED
Corporate Identity Number: U29299PN2007PLC129627

Our Company was originally incorporated on February 22,2007 as a private limited company under the Companies Act, 1956 in the state of Maharashtra as 'Maxtech Victora India Private Limited' vide Certificate of Incorporation issued by the Registrar of Companies, Maharashtra. Subsequently, the name of our Company was changed to 'Maxtech Sintered Product Private Limited' vide fresh Certificate of Incorporation Consequent Upon Change of Name dated June 15,2007 issued by Registrar of Companies, Maharashtra. Pursuant to a special resolution passed by the shareholders of our Company at the extra-ordinary general meeting held on April 3,2012, the name of our Company was further changed to 'Sintercom India Private Limited' and a Fresh Certificate of Incorporation Consequent Upon Change of Name dated April 26,2012 was issued by Registrar of Companies, Maharashtra. Thereafter, the shareholders of our Company have vide special resolution passed at the extra-ordinary general meeting held on November 2,2017, approved the conversion of our Company from private limited company to a public limited company and vide Fresh Certificate of Incorporation Consequent upon Conversion from Private Company to Public Company dated November 16,2017 issued by the Registrar of Companies, Maharashtra and the name of our Company was changed to 'Sintercom India Limited'. The Corporate Identification Number (CIN) of our Company is U29299PN2007PLC129627. For details of incorporation, change of name and registered office of our Company, please refer to chapter titled 'General Information' and 'History and Certain Corporate Matters' beginning on page 54 and 132 respectively of the Prospectus ('Prospectus').

Registered Office: Gat No. 127, At Post Mangrul, Taluka Maval, Talegaon Dabhade, Pune - 410 507, Maharashtra, India. Tel No.: +91 2114 661200; Facsimile: +91 2114 661202;
E-mail: investor@sintercom.co.in; Website: www.sintercom.co.in; Contact Person: Anuja Joshi, Company Secretary and Compliance Officer; E-mail: ajoshi@sintercom.co.in

PROMOTERS OF OUR COMPANY: JIGNESH RAVAL, BRN INDUSTRIES LIMITED AND MIBA SINTER HOLDING GMBH & CO. KG

BASIS OF ALLOTMENT

Our Company had filed the Prospectus with the Registrar of Companies, Pune and the Equity Shares are proposed to be listed on the EMERGE Platform of National Stock Exchange of India Limited ('NSE') and the trading is expected to commence on or about February 15,2018.

INITIAL PUBLIC OFFER OF UPTO 65,46,000 EQUITY SHARES OF FACE VALUE OF RS 10/- EACH ('EQUITY SHARES') OF SINTERCOM INDIA LIMITED ('COMPANY' OR 'ISSUER') FOR CASH AT A PRICE OF RS 65/-PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 55/- PER EQUITY SHARE) AGGREGATING UPTO RS 4,254.90 LAKHS (THE 'OFFER') CONSISTING OF A FRESH ISSUE OF 30,16,000 EQUITYSHARES AGGREGATING UPTO RS 1,960.40 LAKHS ('FRESH ISSUE') AND AN OFFER FOR SALE OF UPTO 35,30,000 EQUITY SHARES INCLUDING UP T0 10,31,213 EQUITY SHARES BY VICTORA STOCK-INVEST PRIVATE LIMITED AND UPTO 24,98,787 EQUITY SHARES BY MAURILL INDUSTRIES LIMITED ('THE SELLING SHAREHOLDERS') AGGREGATING UPTO RS 2,294.50 LAKHS ('OFFER FOR SALE'). THE OFFER INCLUDES A RESERVATION OF UPTO 50,000 EQUITY SHARES OF FACE VALUE RS 10/-EACH AT A PRICE OF RS 65/- PER EQUITY SHARE AGGREGATING TO RS 32.50 LAKHS FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES ('EMPLOYEE RESERVATION PORTION') AND RESERVATION OF UPTO 3,34,000 EQUITY SHARES OF FACE VALUE RS 10/- EACH AT A PRICE OF RS 65/- PER EQUITY SHARE AGGREGATING RS 217.10 LAKHS FOR SUBSCRIPTION BY THE MARKET MAKER TO THE OFFER (THE 'MARKET MAKER RESERVATION PORTION'). THE OFFER LESS EMPLOYEE RESERVATION PORTION AND MARKET MAKER RESERVATION PORTION I.E. NET OFFER OF 61,62,000 EQUITY SHARES OF FACE VALUE OF RS 10/- EACH FOR CASH AT A PRICE OF RS 65/- PER EQUITY SHARE, AGGREGATING RS 4,005.30 LAKHS IS HEREINAFTER REFERED TO AS THE 'NET OFFER'. THE OFFER AND THE NET OFFER WILL CONSTITUTE 27.07% AND 25.45% RESPECTIVELY OF THE POST OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

The Company has undertaken in consultation with the BRLM, a private placement of 20,00,000 Equity Shares for cash consideration aggregating Rs 1400.00 Lakhs ('PrelPO Placement'). The size of the Offer and Fresh Issue as disclosed in the Draft Red Hearing Prospectus dated January 08,2018 being 85,46,000 Equity Shares and 50,16,000 Equity Shares respectively has been reduced accordingly.
THE OFFER IS BEING MADE IN ACCORDANCE WITH CHAPTER XB OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED FROM TIME TO TIME ('SEBI (ICDR) REGULATIONS') READ WITH RULE 19(2)(b)(i) OF SECURITIES CONTRACT (REGULATION) ACT, 1957 ('SCRR'). FOR FURTHER DETAILS PLEASE REFER THE SECTION TITLED 'OFFER INFORMATION' BEGINNING ON PAGE 211 OF THE RED HERRING PROSPECTUS.

THE OFFER PRICE : RS 65/- PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
THE OFFER PRICE IS 6.5 TIMES OF THE FACE VALUE

Risks to Investors:

i. This being the first public issue of our Company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is Rs 10 each. The Floor Price is 6.3 times the face value and the Cap Price is 6.5 times the face value. The Offer Price (determined and justified by our Company and Selling Shareholders in consultation with the BRLM as stated in 'Basis for Offer Price' on page 91) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed on NSE EMERGE. No assuarance can be given regarding an active or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing.
ii. As on date of the Prospectus the average cost of acquisition per Equity Share by our Promoters, viz. Jignesh Raval is Rs 16, BRN Industries Limited is Rs 16 and Miba Sinter Holding GmbH & Co. KG is Rs 31.87.

BID/OFFER PROGRAMME:
BID/OFFER OPENED ON: MONDAY, FEBRUARY 05,2018
BID/OFFER CLOSED ON: WEDNESDAY, FEBRUARY 07,2018
THE ANCHOR INVESTOR BID/OFFER PERIOD WAS FRIDAY, FEBRUARY 02,2018

In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (the 'SCRR') the Offer was made for at least 25% of the post-Offer paid-up Equity Share capital of our Company. The Offer was made through the Book Building Process, in compliance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended the ('SEBI ICDR Regulations') wherein 49.92% of the Net Offer was allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (the 'QIB Category'), provided that our Company and Selling Shareholders, in consultation with the BRLM, allocated up to 60% 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 Offer Price. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only and the remainder was available for allocation on a proportionate basis to QIBs including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Net Offer will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer 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 Offer Price. All investors (except Anchor Investors) shall participate in this Offer mandatorily through the Applications Supported by Blocked Amount ('ASBA') process by providing details of their respective bank accounts which will be blocked by SCSBs. For details, see 'Offer Procedure' on page 225 of the Prospectus.
The Offer received 17,708 applications for 244,228,000 Equity Shares as per the bid book resulting in 37.31 times subscription as disclosed in Prospectus. The details of the applications received in the Offer from Retail Individual Bidders, Non-Institutional Bidders. QIBs and Employee reservation portion are as under (before technical rejections):

Sr. No. Category No. of
Applications
No. of Equity
Shares
Equity Shares
Reserved
No. of times
Subscribed
Amount
(in Rs)
A Retail Individual Investors 17,426 34,852,000 21,64,000 16.11 2,265,440,000.00
B Non Institutional Investors 169 186,368,000 9,28,000 200.83 12,113,920,000.00
C Qualified Institutional Buyers (Excluding Anchor Investors) 11 17,858,000 12,30,000 14.52 1,160,770,000.00
D Anchor Investors 3 46,20,000 18,40,000 2.51 300,300,000.00
E Employee Bidders 98 1,96,000 50,000 3.92 12,740,000.00
F Market Maker 1 3,34,000 3,34,000 1.00 21,710,000.00
Total 17,708 244,228,000 65,46,000 37.31 15,574,580,000.00

Final Demand
Asummary of the final demand as per the NSE as on the Bid/Offer Closing Date at different Bid prices is as under:

Sr. No. Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % of Total
1 63.00 52,000 0.02 52,000 0.02
2 64.00 14,000 0.01 66,000 0.03
3 65.00 227,826,000 94.23 227,892,000 94.26
4 CUTOFF 13,882,000 5.74 241,774,000 100.00
TOTAL 241,774,000 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on February 12,2018.
A. Allotment to Retail Individual Investors (After Technical Rejections)(including ASBA Applications)
The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of Rs 65/- per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 15.97 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 2,170,000 Equity Shares to 1085 successful applicants. The category-wise details of the Basis of Allotment are as under:
Note:There were 4 applications for 8,000 Equity Shares bidded by Eligible Employees in Retail Category, these applications were part of Eligible Employee List. Hence, these applications have been shifted to Employee Category.Further, there were 98 applications for 196,000 Equity Shares bided by Retail in Employee Category, these applications were not part of Eligible Employee List. Hence, these applications have been shifted to Retail Category.

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
2000 17332 100.00 34,664,000 100.00 2000 25:399 2,170,000*

*including spill-over of 6,000 Equity Shares from Employee Category
B. Allotment to Non Institutional Investors (After Technical Rejections) (including ASBA Applications)
The Basis of Allotment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs 65/- per Equity Share or above, was finalized in consultation with the NSE. This category has been subscribed to the extent of 200.37 times. The total number of Equity Shares allotted in this category is 930,000 Equity Shares to 79 successful applicants. The category-wise details of the Basis of Allotment are as under:
Note: There were 5 applications for 28,000 Equity Shares bided by Eligible Employees in Nil Category, these applications were part of Eligible Employee List. Hence, these applications have been shifted to Employee Category.

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*
4000 22 13.41 88000 0.05 2000 0:22 0
6000 7 4.27 42000 0.02 2000 0:77 0
8000 6 3.66 48000 0.03 2000 0:6 0
10000 2 1.22 20000 0.01 2000 0:2 0
12000 8 4.88 96000 0.05 2000 0:8 0
14000 11 6.71 154000 0.08 2000 0:11 0
16000 1 0.61 16000 0.01 2000 0:1 0
18000 2 1.22 36000 0.02 2000 0:2 0
20000 3 1.83 60000 0.03 2000 0:3 0
22000 2 1.22 44000 0.02 2000 0:2 0
24000 1 0.61 24000 0.01 2000 0:1 0
26000 2 1.22 52000 0.03 2000 0:2 0
30000 1 0.61 30000 0.02 2000 0:1 0
40000 1 0.61 40000 0.02 2000 0:1 0
56000 1 0.61 56000 0.03 2000 0:1 0
64000 1 0.61 64000 0.03 2000 0:1 0
78000 3 1.83 234000 0.13 2000 1:3 2000
80000 1 0.61 80000 0.04 2000 0:1 0
90000 1 0.61 90000 0.05 2000 0:1 0
92000 1 0.61 92000 0.05 2000 0:1 0
106000 1 0.61 106000 0.06 2000 0:1 0
110000 1 0.61 110000 0.06 2000 0:1 0
136000 1 0.61 136000 0.07 2000 0:1 0
138000 2 1.22 276000 0.15 2000 1:2 2000
140000 1 0.61 140000 0.08 2000 0:1 0
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*
148000 1 0.61 148000 0.08 2000 0:1 0
154000 1 0.61 154000 0.08 2000 0:1 0
174000 1 0.61 174000 0.09 2000 1:1 2000
182000 1 0.61 182000 0.10 2000 1:1 2000
186000 1 0.61 186000 0.10 2000 1:1 2000
192000 1 0.61 192000 0.10 2000 1:1 2000
194000 1 0.61 194000 0.10 2000 1:1 2000
200000 2 1.22 400000 0.21 2000 1:2 2000
202000 1 0.61 202000 0.11 2000 1:1 2000
206000 2 1.22 412000 0.22 2000 1:2 2000
208000 1 0.61 208000 0.11 2000 1:1 2000
210000 1 0.61 210000 0.11 2000 1:1 2000
212000 1 0.61 212000 0.11 2000 1:1 2000
214000 1 0.61 214000 0.11 2000 1:1 2000
216000 1 0.61 216000 0.12 2000 1:1 2000
272000 1 0.61 272000 0.15 2000 1:1 2000
274000 1 0.61 274000 0.15 2000 1:1 2000
276000 1 0.61 276000 0.15 2000 1:1 2000
278000 1 0.61 278000 0.15 2000 1:1 2000
400000 1 0.61 400000 0.21 2000 1:1 2000
442000 1 0.61 442000 0.24 2000 1:1 2000
454000 1 0.61 454000 0.24 2000 1:1 2000
456000 1 0.61 456000 0.24 2000 1:1 2000
464000 1 0.61 464000 0.25 2000 1:1 2000
538000 1 0.61 538000 0.29 2000 1:1 2000
540000 1 0.61 540000 0.29 2000 1:1 2000
542000 1 0.61 542000 0.29 2000 1:1 2000
768000 1 0.61 768000 0.41 2000 1:1 4000
770000 1 0.61 770000 0.41 2000 1:1 4000
844000 1 0.61 844000 0.45 4000 1:1 4000
846000 1 0.61 846000 0.45 4000 1:1 4000
848000 1 0.61 848000 0.46 4000 1:1 4000
1080000 1 0.61 1080000 0.58 4000 1:1 6000
1184000 1 0.61 1184000 0.64 6000 1:1 6000
1538000 1 0.61 1538000 0.83 8000 1:1 8000
1846000 3 1.83 5538000 2.97 8000 1:1 24000
2000 additional shares is allocated to shareholders who had applied for 1,846,000 shares in the ratio of 2:3 4000
2160000 1 0.61 2160000 1.16 10000 1:1 10000
2306000 1 0.61 2306000 1.24 12000 1:1 12000
2400000 1 0.61 2400000 1.29 12000 1:1 12000
3076000 3 1.83 9228000 4.95 14000 1:1 42000
2000 additional shares is allocated to shareholders who had applied for 30,76,000 shares in the ratio of 2:3 4000
3078000 2 1.22 6156000 3.30 14000 1:1 28000
2000 additional shares is allocated to shareholders who had applied for 30,78,000 shares in the ratio of 1:2 2000
3384000 1 0.61 3384000 1.82 16000 1:1 16000
3538000 1 0.61 3538000 1.90 18000 1:1 18000
3846000 1 0.61 3846000 2.06 18000 1:1 18000
4306000 8 4.88 34448000 18.49 20000 1:1 160000
2000 additional shares is allocated to shareholders who had applied for 43,06,000 shares in the ratio of 3:4 12000
4322000 22 13.41 95084000 51.03 20000 1:1 440000
2000 additional shares is allocated to shareholders who had applied for 43,22,000 shares in the ratio of 17:22 34000
Total   164 100.00 186340000 100.00 930000

*including spill over of  2,000 shares from Employee category.
C. Allotment to QIBs (After Technical Rejections)
Allotment to QIBs, who have bid at the Offer Price of Rs 65 per Equity Share or above, has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 14.45 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were to be allotted 5% of the Equity Shares of Net QIB portion available i.e. 61,800 Equity Shares but as no applications have been received for reserved category, no allotment has been made and hence the total number of Equity Shares allotted in the QIB category (including shares reserved for mutual funds) is 12,36,000 Equity Shares, which were allotted to 11 successful Applicants.

CATEGORY FIS/BANKS Fll FPC MFS AIF NBFC ICS TOTAL*
QIB - 54,000 218,000 . 5,28,000 436,000 - 12,36,000

Unsubscnbed QIB MF portion of 61,800 Equity shares spilled over to Other QIB Category,
*including spill-over of 6,000 shares from Employee category.
D. Allotment to Anchor Investors

CATEGORY FIS/BANKS Fll FPC MF'S IC'S VC'S AIF TOTAL
QIBs . 9,20,000 9.20.000 - - - - 18.40.000

The Company in consultation with the BRLMs has Allocated 18,40,000 Equity Shares to 2 Anchor Investors through 3 Applications at the Anchor Investor Offer Price of  Rs 65 per Equity Shares in accordance with the SEBI Regulations. This represents 59.82% of the QIB Category.
E. Allotment to Eligible Employee under Employee reservation (After Technical Rejections) The Basis of Allotment to the Eligible Employees under Employee reservation portion, who have bid at cut-off or at the Offer Price of Rs 65 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.72 times. The total number of Equity Shares Allotted in Employee category is 36,000 Equity Shares to 9 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
2000 4 44.44 8000 22.22 2000 1:1 8000
4000 1 11.11 4000 11.11 4000 1:1 4000
6000 4 44.44 24000 66.67 6000 1:1 24000
Total 9 100.00 36000 100.00 36000 36000

Note: Under subscription portion of 2,000 equity shares has been spilled over to NII and 6,000 equity shares to Retail category and QIB category each
F. Allotment to Market under Market maker reservation (After Technical Rejections)
The Basis of Allotment to the market maker under market maker reservation portion, who have bid at cut-off or at the Offer Price of Rs  65 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 1.00 time. The total number of Equity Shares Allotted in Market Maker category is 3,34,000 Equity Shares to 1 successful applicant.
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
3,34,000 1 100.00 3,34,000 100.00 3,34,000 1:1 3,34,000

The IPO Committee of our Company at its meeting held on February 13,2018 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 Allotment Advice Cum Refund Intimation will be dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs shall be dispatched/mailed for unblocking of funds and transfer to the Public Offer Account on or before February 13,2018. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees shall be uploaded on or before February 14,2018 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of filing the Listing application with NSE on or before February 14,2018. Our Company is taking steps to get the Equity Shares admitted for trading on the NSE within 6 working days of the closure of the Offer.
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 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 applicant, Serial number of the ASBA 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:

LINK INTIME INDIA PRIVATE LIMITED
C-101,1st Floor, 247 Park, L.B.S. Marg, Vlkhroli (West), Mumbai -400 083, Maharashtra, India.
Tel: +91 22 4918 6200; Fax: +91 22 4918 6195; Website: www.linkintime.co.in; Email: sintercom.ipo@linkintime.co.in
Investor Grievance Id: sintercom.ipo@linkintime.co.in; Contact Person: Shanti Gopalkrishnan;
SEBI Registration Number: INR000004058

Place : Pune

Date : February 13,2018 

For SINTERCOM INDIA LIMITED
On behalf of the Board of Directors
Sd/-
Jignesh Raval
Managing Director

Sintercom India IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Sintercom India IPO?

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

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

    Visit the Sintercom India IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Sintercom India IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Sintercom India 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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