Titagarh Wagons IPO Details

Issue Open Mar 24, 2008
Issue Close Mar 27, 2008
IPO Price ₹540
Face Value ₹10
IPO Size ₹128.72 Cr
Listing At BSE, NSE
IPO Lot Size 10

TITAGARH WAGONS LIMITED

Incorporated on July 3,1997 under the Companies Act, 1956, as amended as a public limited company.
Registered Office: Premlata, 4th Floor, 39, Shakespeare Sarani, Kolkata, 700 017, India.
Contact Person and Compliance Officer: Mr. Dinesh Aiya Tel: +91 33 2283 4467; Fax: +91 33 2289 1655.
Website: www.titagarh.biz

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 23,83,768 EQUITY SHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS 540 PER EQUITY SHARE INCLUDING SHARE PREMIUM  OF RS. 530 PER EQUITY SHARE, AGGREGATING RS. 12,872 LAKHS (THE "ISSUE") BY TITAGARH WAGONS LIMITED (THE "COMPANY OR 'THE ISSUER"). THE ISSUE CONSISTING OF A FRESH ISSUE OF 20,68,111 EQUITY SHARES AND AN OFFER FOR SALE OF 3,15,657 EQUITY SHARES OF RS.10 EACH. THE ISSUE COMPRISED  A RESERVATION OF UP TO 15,000 EQUITY SHARES OF RS.10 EACH  FOR ELIGIBLE EMPLOYEES   (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE WOULD CONSTITUTE 12.9% OF POST ISSUE CAPITAL OF THE COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 540/- AND IT IS 54 TIMES THE FACE VALUE.

The equity snares of the Company are proposed to be listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE) and trading is expected to commence on or about April 16, 2008.
The Issue made through the 100% Book Building Process wherein at least 60% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the OJB portion that was to specifically be allotted to mutual funds), further, not less than 10% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.

The Issue received 9,288 applications for 1,62,12,000 equity shares resulting in 6.80 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail individual Investor and Employee categories are as under (Before technical rejections)

Category No. of Applications No. of Shares Subscription
Qualified institutional Buyers 39 1,50,40,350 10.58
Non Institutional Investors 36 5,05,790 2.13
Retail Individual Investors 9,207 6,64,800 0.93
Employees 6 1,060 0.07

Final Demand
A sample of the final demand at different bid prices is as under

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
540 10723560 66.66 16086880 100.00
541 20 0.00 5363320 33.34
542 70 0.00 5363300 33.34
545 50 0.00 5363230 33.34
547 20 0.00 5363180 33.34
550 441100 2.74 5363160 33.34
555 160 0.00 4922060 30.60
560 260 0.00 4921900 30.60
570 440590 2.74 4921640 30.59
574 170 0.00 4481050 27.86
575 1945500 12.09 4480880 27.85
580 2350 0.01 2535380 15.76
582 10 0.00 2533030 15.75
585 220 0.00 2533020 15.75
588 440 0.00 2532800 15.74
590 30 0.00 2532360 15.74
600 380 0.00 2532330 15.74
608 160 0.00 2531950 15.74
609 170 0.00 2531790 15.74
Cut Off Price Rs.610 2531620 15.74 2531620 15.74

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, the BSE on April 9, 2008.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs.540/- per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 0.07 times. The spill over portion of 13,940 equity shares has been added to QIBs (8,364 equity shares), Non-Institutional (1,394 equity shares) and Retail (4,182 equity shares) categories on 60:10:30 ratio. The total number of shares allotted in this category is 1,060 Equity Shares to 6 successful applicants. The category-wise details of the Basis of Allocation (Sample) are as under

Category No. of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
10 1 16.67 10 0.94 10 FIRM 10
50 3 50.00 150 14.15 50 FIRM 50
400 1 16.67 400 37.74 400 FIRM 400
500 1 16.67 500 47.17 500 FIRM 500

B.Allocation to Retail Individual Investors(After Technicai Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.540/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.92 times. The spill over portion of 54,382 equity shares has been added to Non-Institutional Investors category. The total number of shares allotted in this category is 6,60,430 Equity Shares to 9,145 successful applicants. The category-wise details of the Basis of Allocation are as under

Category No. of Applns. % to total Total No. of Shares applied %to total No. of Shares allocated Ratio Total No. of Shares allocated
10 2014 22.02 20140 3.05 10 FIRM 20140
20 1321 14.45 26420 4.00 20 FIRM 26420
30 725 7.93 21750 3.29 30 FIRM 21750
40 456 4,99 18240 2.76 40 FIRM 18240
50 566 6.19 28300 4.29 50 FIRM 28300
60 166 1.82 9960 1.51 60 FIRM 9960
70 137 1.50 9590 1.45 70 FIRM 9590
80 522 5.71 41760 6.32 80 FIRM 41760
90 129 1.41 11610 1.76 90 FIRM 11610
100 417 4.56 41700 6.31 100 FIRM 41700
110 47 0.51 5170 0.78 110 FIRM 5170
120 42 0.46 5040 0.76 120 FIRM 5040
130 35 0.38 4550 0.69 130 FIRM 4550
140 50 0.55 7000 1.06 140 FIRM 7000
150 107 1.17 16050 2.43 150 FIRM 16050
160 2040 22.31 326400 49.42 160 FIRM 326400
170 3 0.03 510 0.08 170 FIRM 510
180 368 4.02 66240 10.03 180 FIRM 66240

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non Institutional Investors, who have bid at the Issue Price of Rs.540/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 1.70 times. The spill over portion of 1,394 equity shares from the Employee category and 54,382 equity shares from the Retail category has been added to Non Institutional Investors category. The total number of shares allotted in this category is 2,92,653 Equity Shares to 34 successful applicants. The category-wise details of the Basis of Allocation (sample) are as under:

Category No. of Applns. % to total Total No.
of Shares applied
% to total No. of Shares allocated Ratio Total No. of
Shares allocated
200 2 5.88 400 0.08 118 FIRM 236
1000 1 2.94 1000 0.20 586 FIRM 588
2800 1 2.94 2800 0.56 1647 FIRM 1647
3500 1 2.94 3500 0.70 2058 FIRM 2058
5000 2 5.86 10000 2.01 2941 FIRM 5882
5640 3 8.82 16920 3.40 3317 FIRM 9951
6560 1 2.94 6560 1.32 3858 FIRM 3858
9250 4 11.76 37000 7.43 5440 FIRM 21760
16400 1 2.94 16400 3.30 9644 FIRM 9644
27770 1 2.94 27770 5.58 16330 FIRM 16330
35000 1 2.94 35000 7.03 20582 FIRM 20582
92600 1 2.94 92600 18.61 54454 FIRM 54454
185180 1 2.94 185180 37.21 108892 FIRM 108892

D. Allocation to QIBs
Allocation lo QIBs has been done on a proportionate basis in consultation with BSE. The spill over portion of 8,364 equity shares from the employee category has been added to this category. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available and the spill over portion from the above category (418 equity shares) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares and the spill over portion from the above category (7,946 equity shares) on proportionate basis.

Category Fls/Banks Fiis MFs ICs VCs Total
No.of Shares 75,137 7,65,496 5,31,458 23,186 34,348 14,29,625

The IPO committee of the company at it' s Meeting held at Kolkata on April 9, 2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.
The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the Investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The listing applications have been filed with the NSE and BSE on April 10,2008 and the company is taking steps to get the equity shares admitted for trading on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

This details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name ol the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited
unit: Titagarh IPO
Plot No. 17 to 24, Vitaal Rao Nagar, Hitech City Road, Madhapur
Hyderabad - 500081, Fax: 040-23420814
Email: elnward.ris@Karvy.com

TOLL FREE - HELPLINE NUMBER 1-800-3454001

Place: Kolkata
Date : April 10, 2008
For Titagarh Wagons Limited
sd/-
Dinesh Arya
Company Secretary & Compliance Offer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF TITARAGH WAGONS LIMITED.

Titagarh Wagons IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Titagarh Wagons IPO?

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

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

    Visit the Titagarh Wagons IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Titagarh Wagons IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Titagarh Wagons 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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