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Suratwwala Business IPO Details

Issue Open Aug 3, 2020
Issue Close Aug 5, 2020
IPO Price ₹15
Face Value ₹10
IPO Size ₹6.90 Cr
Listing At BSE SME
IPO Lot Size 8000

(Our Company was originally incorporated as 'Suratwala Housing Private Limited' under the provisions of the Companies Act. 1956 vide Certificate of Incorporation dated January 31, 2008 issued by the Registrar of Companies, Maharashtra, Pune bearing Registration no. 131361. Thereafter, the name of our Company was changed to 'Suratwwala Business Group Private Limited' and a fresh certificate of incorporation consequent upon change of name dated May 15, 2019 was issued by the Registrar of Companies. Maharashtra. Pune. Subsequently, our Company was converted into a public limited company pursuant to a Shareholders' Resolution passed at the Extra-Ordinary General meeting of the Company held on July 29, 2019 and the name of our Company was changed to 'Suratwwala Business Group Limited' vide a fresh certificate of incorporation dated November 21, 2019 bearing CIN: U45200PN2008PLC131361 issued by the Registrar of Companies. Maharashtra. Pune.)

Registered Office: S. No. 4/38. Sumangal, First Floor, Sahakar Colony behind SBI, Off Karve Road, Erandwane, Pune. 411004. Maharashtra
Contact Person: Ms. Prathama Nitin Gandhi, Company Secretary & Compliance Officer
Tel No: +91-020-25434392 /E-mail - cs@suratwwala.co.in /Website: www.suratwwala.co.in
BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER OF 46,00,000 EQUITY SHARES OF FACE VALUE OF Rs. 10/- EACH (THE 'EQUITY SHARES') OF SURATWWALA BUSINESS GROUP LIMITED ('OUR COMPANY' OR 'SBGL' OR 'THE ISSUER') AT AN ISSUE PRICE OF Rs. 15.00 PER EQUITY SHARE FOR CASH, AGGREGATING UP TO Rs. 690.00 LAKHS ('PUBLIC ISSUE') OUT OF WHICH 2,40,000 EQUITY SHARES OF FACE VALUE OF Rs.10 EACH, AT AN ISSUE PRICE OF Rs. 15.00 PER EQUITY SHARE FOR CASH. AGGREGATING Rs. 36.00 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE 'MARKET MAKER RESERVATION PORTION'). THE PUBLIC ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 43,60,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH. AT AN ISSUE PRICE OF Rs. 15.00 PER EQUITY SHARE FOR CASH, AGGREGATING UPTO Rs. 654.00 LAKHS IS HEREIN AFTER REFERRED TO AS THE 'NET ISSUE'. THE PUBLIC ISSUE AND NET ISSUE WILL CONSTITUTE 26.53% AND 25.49 % RESPECTIVELY OF THE POST- ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

ISSUE OPENED ON: MONDAY, AUGUST 03, 2020
CLOSED ON: WEDNESDAY, AUGUST 05, 2020
PROPOSED LISTING: AUGUST 13, 2020*

The Equity Shares offered through the Prospectus are proposed to be listed on the SME Platform of BSE Limited ('BSE') in terms of the Chapter IX of the SEBI (ICDR) Regulations, 2018, as amended from time to time. Our Company has received an In Principal approval letter dated March 11, 2020 from BSE Limited ('BSE') for using its name in the Offer Document for listing of our shares on the SME Platform of BSE. It is to be distinctly understood that the permission given by BSE Limited ('BSE') should not in any way be deemed or construed that the content of the Prospectus or the price at which the equity share are offered has been cleared, solicited or approved by BSE, nor does it certify the correctness, accuracy or completeness of any of the content of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the Disclaimer clause pertaining to BSE. For the purpose of this Issue, the Designated Stock Exchange will be the BSE Limited. The trading is proposed to be commenced on or about August 13, 2020.

*Subject to the receipt of listing and trading approval from the BSE SME Platform.

All Applicants were allowed to participate in the Issue either 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') or through UPI Mechanism.

SUBSCRIPTION DETAILS

The issue has received 135 applications for 57,28,000 Equity shares resulting in 1.245 times subscription (including reserved portion of Market maker).

The details of applications received in the issue (before technical rejections but after excluding bids not banked) are as follows:

Category No. of applicants % No. of Equity shares % Subscription (times)*
Market Maker 1 0.74 2,40,000 4.19 1.000
Retail Individual Investors 77 57.04 6,16,000 10.75 0.282
Other than retail individual Investors 57 42.22 48,72,000 85.06 2.239
Total 135 100.00 57,28,000 100.00 1.245

* Subscription times have been computed based on the issue size as per the Prospectus. The under subscribed portion of 16,00,000 equity shares from Retail Investors Category have been spilled over to Other than retail individual investors category.

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

Category No. of applicants No. of Equity shares
Market Maker Nil Nil
Retail Individual Investors 4 32,000
Other than retail individual Investors 5 4,08,000
Total 9 4,40,000

After eliminating technically rejected applications, the following table gives us category wise net valid applications:

Category No. of applicants % Issue Allocation as per Prospectus (Category wise) Revised Issue Allocation (after spill over) No. of valid shares applied % of Total Applied Subscription (times) on basis of revised Issue Allocation
Market Maker 1 0.79 2,40,000 2,40,000 2,40,000 4.54 1.0000
Retail Individual Investors 73 57.94 21,84,000 5,84,000 5,84,000 11.04 1.0000
Other than retail individual Investors 52 41.27 21,76,000 37,76,000 44,64,000 84.42 1.1822
Total 126 100.00 46,00,000 46,00,000 52,88,000 100.00 1.1496

Allocation: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE Limited on August 07, 2020.

A. Allocation to Market Maker (Alter Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs.15/- 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 2,40,000 Equity Shares to 1 successful applicants.

The Category-wise details of the Basis of Allotment are as under:

No. of shares applied for (Category wise) No. of Applications received % To Total Total No. of shares applied in each category % To Total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding OH) Ratio of Allottees to April cant: Ratio 1 Ratio of Allottees to April cant: Ratio 2 Number of Successful applicants (after rounding off) Total No. of Shares allocated/ allotted No. of Shares Surplus,/ Deficit
2,40,000 2,40,000 100 2,40,000 100 2,40,000 2,40,000 2,40,000 1 1 1 2,40,000 0
Grand Total 2,40,000 100 2,40,000 100 2,40,000 2,40,000 2,40,000 1 2,40,000 0

B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of 115/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 0.27 times. The under subscribed portion of 16,00,000 equity shares from Retail Investors Category have been spilled over to Other than retail individual investors category. The total number of shares allotted in this category is 5,84,000 Equity Shares to 73 successful applicants.

The Category-wise details of the Basis of Allotment are as under:

No. of shares applied for (Category wise) No. of Applications received % To Total Total No. of shares applied in each category % To Total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to April cant: Ratio 1 Ratio of Allottees to April cant: Ratio 2 Number of Successful applicants (after rounding off) Total No. of Shares allocated/ allotted No. of Shares Surplus/ Deficit
8000 73 100 5,84,000 100 21,84,000 8,000 8,000 1 1 73 5,84,000 1600000
Grand Total 73 100 5,84,000 100 21,84,000 73 5,84,000 1600000

C. Allocation to Other than Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Other than retail individual Investors, at the issue price of 115/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.18 times (after spill over from Retail category). The total number of shares allotted in this category is 37,76,000 Equity Shares to 52 successful applicants.

The Category-wise details of the Basis of Allotment are as under:

No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of shares applied in each category % to total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to April cant: Ratio 1 Ratio of Allottees to April cant: Ratio 2 Number of Successful applicants (after rounding off) Total No. of Equity Shares allocated/ allotted No. of Shares Surplus./ Deficit
16000 5 9.62 80000 1.79 67670 13534 00 8000 1 1 5 40000 -27670
8000 shares is allocated for Serial no 1 in the ratio of 3:5 8000 3 5 24000 24000
24000 2 3.85 48000 1.08 40602 20301.00 16000 1 1 2 32000 -8602
8000 shares is allocated for Serial no 2 in the ratio of 1:2 8000 1 2 8000 8000
32000 6 11.54 192000 4.30 162409 27068.17 24000 1 1 6 144000 -18409
8000 shares is allocated for Serial no 3 in the ratio of 1:3 8000 1 3 16000 16000
40000 9 17.31 360000 8.06 304516 33835.11 32000 1 1 9 288000 -16516
8000 shares is allocated for Serial no 4 in the ratio of 2:9 8000 2 9 16000 16000
48000 1 1.92 48000 1.08 40602 40602.00 40000 1 1 1 40000 -602
56000 2 3.85 112000 2.51 94738 47369.00 48000 1 1 2 96000 1262
64000 8 15.38 512000 11.47 433090 54136.25 48000 1 1 8 384000 -49090
8000 shares is allocated for Serial no 7 in the ratio of 3:4 8000 3 4 48000 48000
72000 1 1.92 72000 1.61 60903 60903.00 64000 1 1 1 64000 3097
80000 2 3.85 160000 3.58 135340 67670.00 64000 1 1 2 128000 -7340
8000 shares is allocated for Serial no 9 in the ratio of 1:2 8000 1 2 8000 8000
104000 4 7.69 416000 9.32 351885 87971.25 88000 1 1 4 352000 115
112000 2 3.85 224000 5.02 189477 94738.50 96000 1 1 2 192000 2523
120000 1 1.92 120000 2.69 101505 101505.00 104000 1 1 1 104000 2495
144000 2 3.85 288000 6.45 243613 121806.50 120000 1 1 2 240000 -3613
160000 1 1.92 160000 3.58 135341 135341.00 136000 1 1 1 136000 659
208000 1 1.92 208000 4.66 175943 175943.00 176000 1 1 1 176000 57
264000 1 1.92 264000 5.91 223312 223312.00 224000 1 1 1 224000 688
296000 2 3.85 592000 13.26 500760 250380.00 248000 1 1 2 496000 -4760
8000 shares is allocated for Serial no 17 in the ratio of 1:2 8000 1 2 8000 8000
304000 2 3.85 608000 13.62 514294 257147.00 256000 1 1 2 512000 -2294
Grand Total 52 100 4464000 100 3776000 - - - - 52 3776000 0

The Board of Directors of the Company at its meeting held on August 10, 2020 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE Limited and has authorized the corporate action for allotment of the Equity Shares to various successful applicants.

The Refund/allotment intimation will be dispatched to the address of the Applicants as registered with the depositories on or about August 11, 2020. Further, the instructions to Self Certified Syndicate Banks for unblocking the funds have been shared on August 8, 2020. 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 SME Platform of BSE Limited within six 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 July 27, 2020 ('Prospectus').

In terms of Prospectus dated July 27, 2020 and as per Regulation 253 of SEBI (ICDR) Regulations, 2018 wherein a minimum of 50% of the Net Issue of shares to Public shall initially be made available for allotment to a) Retail Individual Investors as the case may be. The balance net offer of shares to the public shall be made available for allotment to b) individual applicants other than retail investors and other investors including corporate bodies / institutions irrespective of number of shares applied for. The un-subscribed portion of the net issue to any one of the categories specified in (a) or (b) shall/may be made available for allocation in any other category, if so required. Explanation: Chapter IX. part VIII (253) of SEBI (ICDR) Regulation, 2018. If the retail individual investor is entitled to more than fifty percent, on proportionate basis, the retail individual investors shall be allocated that higher percentage.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue 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 Issue quoting full name of the First/Sole applicants, serial number of the Application Form, number of shares applied for and Bank Branch v/here the application had been lodged and payment details at the address of the Registrar given below:

wpe21.jpg (1362 bytes) LINK INTIME INDIA PRIVATE LIMITED
Address: - C-101,1 Floor, 247 Park, L.B.S. Marg. Vikhroli (West), Mumbai, Maharashtra, INDIA-400083
Tel No.: +91-022-49186200 / Fax No.: +91-022-49186060
Email: sbgl.ipo@linkintime.co.in / Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan / SEBI Regn. No. INR000004058
For and on behalf of the Board of Directors
Suratwwala Business Group Limited
Sd/-
Mr. Jatin Dhansukhlal Suratwala
Place: Pune, Maharashtra Chairman & Managing Director
Date: August 10, 2020 DIN:01980329

Suratwwala Business IPO Basis of Allotment FAQs

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

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

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