SSPN Finance IPO Details

Issue Open Mar 10, 2015
Issue Close Mar 12, 2015
IPO Price ₹20
Face Value ₹10
IPO Size ₹1.50 Cr
Listing At BSE SME
IPO Lot Size 6000

SSPN FINANCE LIMITED

CIN No.: U65923MH2012TLC225735

Our Company was incorporated as 'SSPN Finance Limited' a public limited company under the Companies Act, 1956 pursuant to Certificate of  Incorporation dated January 4, 2012 issued by the Registrar of Companies, Maharashtra, Mumbai. Our Company received the Certificate of Commencement of  Business on January 31, 2012 issued by the Registrar of Companies, Maharashtra, Mumbai. Our corporate identification number is U65923MH2012PLC225735. For further details of our Company, please refer to the chapters titled 'General Information' and 'History and Certain Corporate Matters' beginning on page numbers 33 and 78, respectively, of the Prospectus.

Registered Office: 106, Siddhesh Apartment, 2nd Khattar Gali, Thakurdwar Road, Charni Road (East), Mumbai - 400 004
Tel: +91 22 6127 5138, Fax: +91 22 6127 5138

Corporate Office: Vrusti, 20 Swastic Soc., V.M Road, Vile Parle(w), Near Mithibai College, Opp HDFC Bank, Mumbai-400056, Maharashtra Tel: +91 22 6733 8899, Fax: +91 22 6733 8899; Website: www.sspn.co.in, E-mail: sspnfinance@gmail.com
Company Secretary and Compliance Officer:
Mr. Sandeep S. Gupta

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 7,50,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH ('EQUITY SHARES') OF SSPN FINANCE LIMITED (THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF Rs. 20 PER EQUITY SHARE, INCLUDING A SHARE PREMIUM OF Rs. 10 PER EQUITY SHARE (THE 'ISSUE PRICE'), AGGREGATING Rs.150.00 LACS ('THE ISSUE'), OF WHICH 42,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH FOR CASH AT A PRICE OF Rs. 20 PER EQUITY SHARE, AGGREGATING Rs 8.40 LACS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKERS TO THE ISSUE (THE 'MARKET MAKER RESERVATION PORTION'). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 7,08,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH FOR CASH AT A PRICE OF Rs. 20 PER EQUITY SHARE, AGGREGATING Rs. 141.60 LACS IS HEREINAFTER REFERED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 39.62% AND 37.40% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

THIS BEING A FIXED PRICE, AS PER SUB CLAUSE (4) OF REGULATION 43 OF THE SEBI (ICDR) REGULATIONS, 2009 AS AMENDED (THE 'SEBI REGULATIONS'), OUT OF THE NET ISSUE OF 7,08,000 EQUITY SHARES, NOT LESS THAN 50% SHALL BE AVAILABLE TO RETAIL INDIVIDUAL INVESTORS AND THE REMAINING TO INDIVIDUAL APPLICANTS OTHER THAN RETAIL INDIVIDUALS INVESTORS AND OTHER INVESTORS INCLUDING CORPORATE BODIES OR INSTITUTIONS IRRESPECTIVE OF THE NUMBER OF SHARES APPLIED FOR. IF THE RETAIL INDIVIDUAL INVESTOR CATEGORY IS ENTITLED TO MORE THAN 50 % ON PROPORATIONATE BASIS, THEY SHALL BE ALLOTTED THAT HIGHER PERCENTAGE.

THE FACE VALUE OF THE EQUITY SHARES IS Rs 10 EACH AND
THE ISSUE PRICE OF Rs. 20 IS 2.00 TIMES OF THE FACE VALUE.
ISSUE OPENED ON TUESDAY, MARCH 10, 2015 | ISSUE CLOSED ON THURSDAY, MARCH 12, 2015
PROPOSED LISTING: MARCH 25 , 2015

The Equity Shares offered through the Prospectus are proposed to be listed on the SME Platform of BSE Limited. In terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009, as amended, we are not required to obtain an in-principle listing approval for the shares being offered in this issue. However, our Company has received an approval letter dated February 19, 2015 from BSE for using its name in the Prospectus for listing of our shares on the SME Platform of BSE. For the purpose of this Issue, the Designated Stock Exchange will be the BSE Limited ('BSE'). The trading is proposed to commence on or before March 25, 2015.

*Subject to receipt of listing and trading approvals from the BSE Limited.

All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ('ASBA') process by providing the details of their respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the 'SCSBs').

SUBSCRIPTION DETAILS

The Issue has received 69 applications for 876,000 Equity Shares (including Market Maker Application of 42,000) resulting 1.17 times subscription. After considering, technical rejections cases of 02 application for 12,000 Equity Shares, the Issue was subscribed 1.15 times. The details of the applications received in the Issue (before technical rejections) are as follows:

Detail of the Applications Received (Before Technical Rejection & withdrawal of application)

Category

No. of Applications

%

No. of Equity Shares

%

Subscription (Times)

Market Maker 1 1.45 42,000 4.79 1.00
Other than Retail Individual Investor's 9 13.04 4,80,000 54.79 1.36
Retail Individual Investor's 59 85.51 3,54,000 40.41 1.00
Total 69 100.00 8,76,000 100.00 1.17

The details of applications rejected by the Registrar on technical grounds (including withdrawals) are detailed below:

Category No. of Applications No. of Equity Shares
Market Maker Nil Nil
Retail Individual Applicant 2 12000
Non Institutional Applicant Nil Nil
Total 2 12000

Details of the Applications Received (After Technical Rejection & withdrawal):

Category No. of Applications % Issue Size (as per prospectus) No. of Valid Shares applied % to Total Applied Subscription (Times)
Market Maker 1 1.49 42,000 42,000 4.86 1.00
Other than Retail Individual Investor's 9 13.43 3,54,000 4,80,000 55.55 1.36
Retail Individual Investor's 57 85.07 3,54,000 3,42,000 39.58 0.97
Total 67 100.00 7,50,000 8,64,000 100.00 1.15

The under subscribed 12,000 equity shares of Retail Individual Investors Category have been spilled over to other than Retail Individual Investors category.

Allocation: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE Limited on March 19, 2015

A) Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 20 per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 42,000 Equity Shares

B) Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs 20 per Equity share, was finalized in consultation with BSE. The category was subscribed by 0.97 times i.e. for 3,42,000 Equity Shares. The total number of shares allotted in this category is 3,42,000 Equity Shares to 57 successful applicants. Due to under subscription all the 57 valid applicants in this category have been given full and firm allotment of 6,000 equity shares each and the under subscribed portion, being 12,000 equity shares from Retail Individua Investors Category have been spilled over to Other than Retail Individual Investors Category.

C) Allocation to Other than Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Other than Retail Individual Investors Category, at the issue price of  Rs.20 per Equity Share, was finalized in consultation with BSE. The category was subscribed 1.36 times i.e. for   4,80,000 Equity Shares. After adding the spill over 12,000 equity shares from Retail individual Investors category the category was subscribed by 1.31 times.The total number of shares allotted in this category is 3,66,000 Equity Shares. The category wise basis of allotment is as under:

No. of Shares Applied for (Category wise)

No. of Application Received % to Total Total No.
of shares Applied in This category
% to Total Proportionate Shares Available Allocation
per Applicant (before rounding off)
Allocation
Per Applicant (after rounding off)
Ratio of Allottees to Appticams: RATIO 1 Ratio of Allottees to Appticams: RATIO 2 Number of successful applicant (after rounding off) Total no. of Shares  Allotted Surplus/ Deficit
12000 7 77.78 84000 17.50 64050 9150.00 6000 1 1 7 42000 -22050
12000 6000 4 7 24000 24000
198000 2 22.22 396000 82.50 301950 150975.00 150000 1 1 2 300000 -1950
Total 9 100 480000 100 366000 9 366000 0

The Board of Directors of the Company vide circular resolution dated March 20, 2015 has taken on record the Basis of Allocation of Equity Shares as approved by the Designated Stock Exchange viz. BSE Ltd and has authorized the corporate action for the transfer of the Equity Shares to various successful applicants.
The Refund /allotment intimation are being dispatched to the address of the Applicants as registered with the depositories on or before March 23, 2015. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount have been processed on March 20, 2015. In case the same is not received within ten days, investors may contact Registrar at the address given below. 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 SME Platform of BSE Limited within twelve working days from the date of the closure of the Issue.

Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus dated February 19, 2015 ('Prospectus').

INVESTORS PLEASE NOTE
The details of the allotment made would also be hosted on the website of the Registrar to the Issue, BIGSHARE SERVICES PRIVATE LIMITED 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 applicants, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

BIGSHARE SERVICES PRIVATE LIMITED
E2 Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri East, Mumbai- 400072 
Tel: (022) 40430200: Fax: (022) 28475207
Email: ipo@bigshareonline.com; Website: www.bigshareonline.com
Contact Person: Mr. Babu Raphael; SEBI Regn. Number: INR000001385

Place : Mumbai
Date : March 23, 2015

For SSPN FINANCE LIMITED
Chandu K. Jain
Managing Director

SSPN Finance IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in SSPN Finance IPO?

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

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

    Visit the SSPN Finance IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is SSPN Finance IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in SSPN Finance 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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