Varroc Engineering IPO Details

Issue Open Jun 26, 2018
Issue Close Jun 28, 2018
IPO Price ₹967
Face Value ₹1
IPO Size ₹1,945.77 Cr
Listing At BSE, NSE
IPO Lot Size 15

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR PUBLICATION AND DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSlDE INDIA.

VARROC ENGINEERING LIMITED

Varroc Engineering Limited (our "Company" or the "Company") was incorporated on May 11.1988 at Mumbai as Varroc Engineering Private Limited. as a private limited company under the Companies Act. 1956. On July 1,1997, our Company was converted into a deemed public company under section 43A(1A) of the Companies Act.1956 and the word 'Private' was deleted from the name of our Company. Thereafter, on January 24,2001 our Company was again converted into a private company under section 43A (2A) of the Companies Act, 1956 and the word "Private" was added to the name of our Company. Subsequently, our Company was converted into a public limited company pursuant to approval of the Shareholders at an extraordinary general meeting held on January 25,2018. On February 5, 2018, the name of our Company was changed to Varroc Engineering Limited and a fresh certificate of  incorporation consequent upon conversion to a public limited company was issued to our Company by Registrar of Companies, Maharashtra at Mumbai (the 'RoC"). For more information rcgarding our Company's corporate history and changes to address of  the registered office of our Company, see "History and Certain Corporate Matters'' on page 222 of  the Prospectus.

Registered and Corporate Office: L-4. MIDC Area. Waluj, Aurangabad 431 136; Tel: +91 240 6653 700/6653 699. Fax:+91 240 2564 540;
Contact Person: Rakesh Darji, Company Secretary and Compliance Officer; Tel: +91240 6653 662; Fax: +91 240 2564 540; E-mail: investors@varroc.com;
Website: www.varrocgroup.com; Corporate Identity Number: U28920MHI988PLC047335

OUR PROMOTER: TARANG JAIN

Our Company has filed the Prospectus dated June 29,2018 with the Registrar of Companies, Mumbai (the "Prospectus") and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and BSE Limited ("BSE") and trading will commence on July 6, 2018.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 20,221,730 EQUITY SHARES OF FACE VALUE OF Re.1 EACH (THE "EQUITY SHARES") OF OUR COMPANY FOR CASH AT A PRICE OF RS.967* PER EQUITY SHARE (THE "OFFER PRICE") AGGREGATING RS.19,549.61 MILLION THROUGH AN OFFER FOR SALE OF (I) 1,752,560 EQUITY SHARES AGGREGATING TO RS.1.694.31 MILLION BY, OUR PROMOTER, TARANG JAIN ("PROMOTER SELLING SHAREHOLDER"); (ii) 16,917,130 EQUITY SHARES AGGREGATING TO RS.16,354.85 MILLION BY OMEGA TC HOLDINGS PTE. LTD ("INVESTOR SELLING SHAREHOLDER 1"); AND (iii) 1,552,040 EQUITY SHARES AGGREGATING TO RS.1,500.45 MILLION BY TATA CAPITAL FINANCIAL SERVICES LIMITED ("INVESTOR SELLING SHAREHOLDER 2", WHO ALONG WITH INVESTOR SELLING SHAREHOLDER 1 ARE COLLECTIVELY HEREINAFTER REFERRED TO AS THE "INVESTOR SELLING SHAREHOLDERS", (THE "OFFER FOR SALE" OR THE "OFFER" AND SUCH SHAREHOLDERS OFFERING THEIR RESPECTIVE EQUITY SHARES IN THE OFFER FOR SALE ARE COLLECTIVELY HEREINAFTER REFERRED TO AS THE "SELLING SHAREHOLDERS" AND INDIVIDUALLY AS A "SELLING SHAREHOLDER"). THE OFFER INCLUDED A RESERVATION OF 100,000 EQUITY SHARES AGGREGATING RS.91.90 MILLION, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION") AT A DISCOUNT OF 4.96% (EQUIVALENT TO RS.48) ON THE OFFER PRICE ("EMPLOYEE DISCOUNT''). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS THE "NET OFFER" AND SUCH NET OFFER AGGREGATES UPTO 20,121,730 EQUITY SHARES. THE OFFER AND THE NET OFFER CONSTITUTED 15.00% AND 14.93%, RESPECTIVELY, OF THE POST-OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY,

*Employee Discount of Rs 48 to the offer price was offered to Eligible Employees participating in the Employee Reservation Portion.

OFFER PRICE: RS.967 PER EQUITY SHARE OF FACE VALUE OF RE.1 EACH
ANCHOR INVESTOR OFFER PRICE: RS.967 PER EQUITY SHARE
THE OFFER PRICE IS 967 TIMES THE FACE VALUE

Risks to Investors:

I. The four Merchant Bankers associated with the Offer have handled 40 issues in the past three financial years, out of which 13 issues closed below the issue price on listing date.

II. The Price/Earnings ratio based on diluted EPS on a restated consolidated basis for FY18 for the Issuer at the upper end of the Price band is 28.95. Average industry peer group PE ratio is 42.60.

III. Average cost of acquisition of Equity Shares for the Selling Shareholders is in the range of Rs. 0.00 to Rs. 162.43 per Equity Share and the Offer Price at upper end of the Price Band is Rs.967 per Equity Share,

BID/OFFER PERIOD: OPENED ON: TUESDAY, JUNE 26. 2018;
CLOSED ON: THURSDAY, JUNE 28. 2018
ANCHOR INVESTOR BIDDING DATE WAS: MONDAY, JUNE 25, 2018

The Offer was made in terms of Rule19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the 'SCRR') read wilh Regulation 41 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2009, as amended (the "SEBI ICDR Regulations") and in compliance with Regulation 26(1) of Ihe SEBl ICDR Regulations, this Offer was made through the Book Building Process, wherein not more than 50% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Category"), provided that our Company and the Selling Shareholders, in consultation with the GCBRLMs and the BRLM, may allocate up to 60% of  the QlB 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 price at which allocation is made to Anchor Investors. Further, 5% of the QlB Category (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QlB Category was available for allocation on a proportionate basis to QIBs, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionele basis to Non-lnstitutional 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 Bidders (except Anchor Investors) mandatorily participated in this Offer only through the Application Supported by Blocked Amount ("ASBA")  process and providing detail of their respective bank accounl were blocked by the Self Certified Syndicate Banks ("SCSBs"). Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "Offer Procedure" on page 593 of the Prospectus.

The Offer received 370,410 applications for 53,775,885 Equity Shares (prior to technical rejections) resulting in 2.6593 times subscription. The details of the applications received in the Offer from various categories are as under; (before technical rejections):

Category No. of
Applications
No. of Equity
Shares applied
Reserved No. of times
Subscribed
Amount (RS.)
A. Retail Individual Bidders 369,180 6,209.745 7.042,606 0.8817 6,006.251.076.00
B. Non-Institutional Bidders 251 4,570,365 3.018.260 1.5142 4,419,530,715.00
C QlB (excluding Anchor investors) 46 36,854,145 4.024,346 9.1578 35,637,958,215.00
D. Eligible Employees 903 62.670 100.000 0.6267 57.613.305.00
E. Anchor Investors 30 6.078,960 6.036.518 1.0070 5,878,354,320.00
TOTAL 370,410 53,775,885 20,221,730 2.6503 51,999,707,631.00

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

Bid Price No. o( Equity Shares % to Total Cumulative Total Cumulative % of Total
965 20.340 0.04 20.340 0.04
966 21.405 0.04 41,745 0.08
967 45.065,790 88.35 45,107,535 88.43
CUTOFF 5.902.080 11.57 51.009.615 100.00
TOTAL 51,009,515 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the NSE on July 03.2018.

A. Allotment to Retail Individual Bidders (after technical rejections.)
The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of  Rs.967 per Equily Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 0.8716 times The total number of Equity Shares Allotted in Retail Portion is 6,138,120 Equity Shares to 365.206 successful Retail Individual Bidder. The category-wise details of the Basis of Allotment are as under:

Category Retail
Individual
Bidders
% of
Total
Total No, of
Equity Shares
Applied
% to
Total
No. of
Equity Shares
Allotted
per Bidder
Ratio Total No. of
Equity Shares
Allotted
15 354.817 97.16 5.322.255 86.71 15 1:1 5.322.255
30 4,320 1.18 129,600 2.11 30 1:1 129,600
45 1,485 0.41 66,825 1.09 45 1:1 66,825
60 753 0.21 45,180 0.74 60 1:1 45,180
75 450 0.12 33,750 0.55 75 1:1 33,750
90 466 0.13 41.940 0.68 90 1:1 41.940
105 470 0.13 49.350 0.80 105 1:1 49.350
120 126 0.03 15,120 0.25 120 1:1 15,120
135 67 0.02 9,045 0.15 135 1:1 9,045
150 255 0.07 38,250 0.62 150 1:1 38,250
165 42 0.01 6.930 0.11 165 1:1 6.930
180 90 0.02 16.200 0.26 180 1:1 16,200
195 1,865 0.51 363,675 5.92 195 1:1 363,675
TOTAL 365,206 100.00 6,138,120 100.00 6,138,120

B. Allotment to Non-lnstitutional Bidders (After Technical Rejections)
The Basis of Allotment to the Non-lnstitutional Bidders, who have bid at the Offer Price of  Rs.967 per Equity Share or above, was finalized in consultation with the NSE. The Non-inslituiionat Portion has been subscribed to the extent of  1.4074 times. The total number of Equity Shares Allotted in this category is 3,237,295 Equity Shares to 244 successful Non- Institutional Bidder. 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 Bidder
Ratio Total No. of
Equity Shares
Allotted
210 23 9.43 4,830 0.11 149 1:1 3,427
225 13 5.33 2.925 0.06 160 1:1 2.080
255 3 1.23 765 0.02 181 1:1 543
270 3 1.23 810 0.02 192 1:1 576
300 6 2.46 1,800 0.04 213 1:1 1278
315 1 0.41 315 0.01 224 1:1 224
330 1 0.41 330 0.01 234 1:1 234
345 1 0.41 345 0.01 245 1:1 245
360 1 0.41 360 0.01 256 1:1 256
405 1 0.41 405 0.01 288 1:1 288
435 1 0.41 435 0.01 309 1:1 309
450 1 0.41 450 0.01 320 1:1 320
495 2 0.82 990 0.02 352 1:1 704
510 4 1.64 2,040 0.04 362 1:1 1,448
525 4 1.64 2,100 0.05 373 1:1 1.492
600 3 1.23 1,800 0.04 426 1:1 1,278
735 1 0.41 735 0.02 522 1:1 522
750 1 0.41 750 0.02 533 1:1 533
765 2 0.82 1,530 0.03 544 1:1 1,088
795 1 0.41 795 0.02 565 1:1 565
900 3 1.23 2,700 006 639 1:1 1,917
930 1 0.41 930 0.02 661 1:1 661
975 1 0.41 975 002 693 1:1 693
990 1 0.41 990 0.02 703 1:1 703
1,005 4 1.64 4,020 0.09 714 1:1 2,856
1,020 8 3.28 8,160 0.18 725 1:1 5,800
1,035 3 1.23 3,105 0.07 735 1:1 2.205
1.050 4 1.64 4,200 0.09 746 1:1 2,984
1,125 1 0.41 1,125 0.02 799 1:1 799
1230 1 0.41 1,230 0 03 874 1:1 874
1,305 1 0.41 1.305 0.03 927 1:1 927
1470 1 0.41 1,470 0 03 1,044 1:1 1,044
1.500 4 1.64 6,000 0.13 1.066 1:1 4,264
1545 2 0.82 3,090 0.07 1,098 1:1 2,196
1.590 3 1.23 4.770 0.10 1.130 1:1 3.390
2,055 7 2.87 14,385 0.32 1,460 1:1 10.220
2 100 1 0.41 2,100 0.05 1.492 1:1 1.492
2475 1 0.41 2,475 0.05 1,759 1:1 1.759
2,520 1 0.41 2,520 0.06 1,790 1:1 1,790
2.580 9 3.69 23.220 0.51 1,833 1:1 16.497
2.640 1 0.41 2,640 0.06 1,876 1:1 1,876
3,000 6 2.46 18,000 0.40 2,132 1:1 12,792
3,090 1 0.41 3,090 0.07 2,195 1:1 2.195
3,105 1 0.41 3.105 0.07 2.206 1:1 2.206
3,300 1 0.41 3,300 0.07 2,345 1:1 2.345
4,050 1 0.41 4,050 0.09 2.878 1:1 2,878
4,110 1 0.41 4.110 0.09 2,920 1:1 2.920
4.125 2 0.82 8,250 0.18 2,931 1:1 5,862
4.500 5 2.05 22,500 0.49 3,197 1:1 15.985
4,650 1 0.41 4,650 0.10 3.304 1:1 3.304
4,950 1 0.41 4,950 0.11 3,517 1:1 3.517
5100 2 0.82 10,200 0.22 3,624 1:1 7.248
5.160 4 1.64 20,640 0.45 3,667 1:1 14,668
5.175 2 0.82 10,350 0 23 3,677 1:1 7.354
5.265 1 0.41 5,265 0.12 3,741 1:1 3.741
5.790 1 0.41 5,790 0.13 4,114 1:1 4,114
7.515 1 0.41 7,515 0.16 5.339 1:1 5.339
7 725 1 0.41 7,725 0.17 5,489 1:1 5,489
7.755 2 0.82 15,510 0 34 5,510 1:1 11.020
8,235 1 0.41 8,235 0.18 5,851 1:1 5,851
8,250 2 0.82 16,500 0.36 5.862 1:1 11,724
8.265 3 1.23 24,795 0.54 5,872 1:1 17.616
8,385 1 0.41 8,385 0.18 5,958 1:1 5,958
9,000 2 0.82 18,000 0.40 6.395 1:1 12.790
9.300 1 0.41 9,300 0.20 6,608 1:1 6,608
9.315 1 0.41 9.315 0.20 6,618 1:1 6,618
9,375 1 0.41 9,375 0.21 6,661 1:1 6.661
10.320 1 0.41 10.320 0.23 7.332 1:1 7.332
10,335 11 4.51 113,685 2.50 7,343 1:1 80,773
10,845 1 0.41 10,845 0.24 7,705 1:1 7,705
11,370 1 0.41 11,370 0.25 8.079 1:1 8.079
12,195 1 0.41 12,195 0.27 8,665 1:1 8,665
12,915 3 1.23 38,745 0.85 9,176 1:1 27.528
15.000 1 0.41 15,000 0.33 10,658 1:1 10,658
15.450 1 0.41 15.450 0.34 10.977 1:1 10.977
15,510 5 2.05 77,550 1 70 11.020 1:1 55100
15,600 1 0.41 15,600 0.34 11,084 1:1 11,084
15,855 1 0.41 15,855 0.35 11,265 1:1 11,265
15 900 1 0.41 15,900 0.35 11.297 1:1 11.297
19,635 1 0.41 19,635 0.43 13,951 1:1 13,951
20.670 9 3.69 186,030 4.08 14,686 1:1 132,174
25,845 3 1.23 77,535 1.70 18,363 1:1 55,089
31.020 1 0.41 31,020 0.68 22,040 1:1 22,040
31,725 1 0.41 31.725 0.70 22.541 1:1 22.541
36,180 1 0.41 36,180 0.79 25,706 1:1 25,706
40.005 1 0.41 40,005 0.88 28,424 1:1 28,424
41,355 1 0.41 41,355 0.91 29.383 1:1 29.383
46,530 1 0.41 46,530 1 02 33.060 1:1 33.060
54.390 1 0.41 54.390 1.19 38,645 1:1 38,645
61,920 1 0.41 61,920 1.36 43,995 1:1 43,995
62,040 2 0.82 124,080 2.72 44,080 1:1 88,160
62.055 1 0.41 62.055 1.36 44.091 1:1 44.091
77.550 1 0.41 77.550 1.70 55,100 1:1 55.100
90,060 1 0.41 90,060 1,98 63,989 1:1 63,989
90.690 1 0.41 90,690 1.99 64.436 1:1 64.436
99.990 1 0.41 99,990 2.19 71,044 1:1 71,044
103.410 1 0.41 103.410 2.27 73.474 1:1 73.474
113,745 1 0.41 113,745 2.50 80,817 1:1 80,817
131,850 1 0.41 131,850 2.89 93,681 1:1 93,681
155,115 1 0.41 155,115 3.40 110,211 1:1 110,211
186,135 1 0.41 186,135 4.09 132.251 1:1 132.251
206.400 2 0.82 412,800 9.06 146.650 1:1 293.300
206,820 1 0.41 206,820 4 54 146,948 1:1 146,948
310,230 1 0.41 310,230 6.81 220.422 1:1 220.422
517,050 2 0.82 1,034,100 22.70 367,370 1:1 734,740
244 100.00 4.556,295 100.00 3,237,295

C. Allotment to QIBs (other than Anchor Investors)
Allotment to QIBs, who have Bid at the Offer Price of  Rs.967 per Equity Share or above, has been done on a proportionate basis in consultation wiih the NSE. This category has been subscribed to the extent of  7,7515 times of QlB Portion. As per the SEBI Regulations. Mutual Funds were Allotted 5% of the Equity Shares of QlB Portion available i.e. 237.724 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i e. 4,516,738 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QlB Portion is 4,754.462 Equity Shares, which were allotted to 46 successful QlB Bidders. The category-wise details of the Basis of Allotment are as under:

Category FI's/BANKS MF's IC's NBFC's AIF FPI TOTAL
QlB 31.890 1.797,512 114,804 255,107 1,021,852 1.533.297 4,754.462

D. Allotment to Eligible Employees (After Technical Rejections)
Allotment to Eligible Employees, who have Bid at the Offer Price (less Employee Discount) of Rs.919 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  0.5534 times of the Employee Reservation Portion. The total number of Equity Shares Allotted in the Employee Reservation Portion is 55,335 Equity Shares, which were allotted to 629 successful Eligible Employees. The calegory-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 Bidder
Ratio Total No. of
Equity Shares
Allotted
15 176 27.98 2,640 4.77 15 1:1 2.640
30 129 20.51 3,870 6.99 30 1:1 3,870
45 49 7.79 2,205 3.98 45 1:1 2,205
60 56 8.90 3,360 6.07 60 1:1 3,360
75 20 3.18 1,500 2.71 75 1:1 1,500
90 16 2.54 1,440 2.60 90 1:1 1,440
105 42 6.68 4,410 7.97 105 1:1 4,410
120 23 3.66 2,760 4.99 120 1:1 2,760
135 4 0.64 540 0.98 135 1:1 540
150 15 2.38 2,250 4.07 150 1:1 2,250
165 6 0.95 990 1.79 165 1:1 990
180 2 0.32 360 0 65 180 1:1 360
195 7 1.11 1,365 2.47 195 1:1 1,365
210 34 5.41 7,140 12.90 210 1:1 7,140
225 15 2.38 3,375 6.10 225 1:1 3,375
240 2 0.32 480 0.87 240 1:1 480
270 1 0.16 270 0 49 270 1:1 270
300 1 0.16 300 0.54 300 1:1 300
315 1 0.16 315 0.57 315 1:1 315
330 1 0.16 330 0 60 330 1:1 330
360 1 0.16 360 0 65 360 1:1 360
495 1 0.16 495 0.89 495 1:1 495
540 27 4.29 14,580 26.35 540 1:1 14,580
629 100.00 55,335 100.00 55.335

E. Allotment to Anchor Investors
The Company and the Selling Shareholders, in consultation with the GCBRLMs and the BRLM. have allocated 6,036.518 Equity Shares to 20 Anchor Investors (through 30 Applications) at the Anchor Investor Offer Price of Rs.967 per Equily Share in accordance with the SEBI Regulations. This represents 60% of the QlB Portion.

Category FI's/BANKS MF's IC's NBFC's AIF FPI TOTAL
Anchor Investors - 2,481,638 439,485 - 258,555 2,856,840 6,036,518

The Board of Directors of our Company on July 4, 2016 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 Bidders. The Allotment Advice-cum-lntimations and/ or notices will be 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 July 4, 2018 and payment to non-Syndicate brokers have been issued on July 4, 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 have been uploaded on Juty 4,2018 for credit into the respective beneficiary accounts subject to validation of  the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on July 4, 2018. The Company has received listing and trading approval from NSE and BSE and the trading will commence on July 6, 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 will be hosted on the website of the Registrar to the Offer, Link Intime India Privaie 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 theAcknowledgment Slip received from the Designated Intermediary at the address given below:

Link Intime India Private Limited
C-101.1st floor. 247 Park, L B S Marg, Vikhroli West, Mumbai 400 083
Tel: +91 22 4918 6200; Fax: +91 22 4918 6195
E-mail: varroc.ipo@linkintime.co.in
Investor grievance e-mail: varroc.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
Websile. www.linkintime.co.in
SEBl Registration No.: INR000004058

Place : Aurangabad

Date : July 6,.2018

For VARROC ENGINEERING LIMITED
On behalf of the Board of Directors 
Sd/-
Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EOUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF VARROC ENGINEERING LIMITED.

Varroc Engineering IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Varroc Engineering IPO?

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

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

    Visit the Varroc Engineering IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Varroc Engineering IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Varroc Engineering 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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