HDIL IPO - Basis of Allotment

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Real Estate Developer Housing Development and Infrastructure (HDIL) had come out with a public issue of 29.70 million shares and subscribed 6.6 times. The company has raised around Rs 14.85 billion. The issue also has a greenshoe option of 4.45 million shares.

The face value per equity share is Rs 10. The issue price per equity share is Rs 500 and it is 50 times of the face value.

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 QIB portion that was to specifically be allotted to mutual funds), further, 10% of the net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the net 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 1,48,844 applications for 19,06,23,174 equity shares resulting in 5.58 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	98	172448136	8.565
Non Institutional Investors	606	4921078	1.466
Retail Individual Investors	148003	13224084	1.313
Employees	137	29876	0.049

 

 

 

 

 

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
430	219506	0.11	196013412	100.00
431	210	0.00	195793906	99.89
432	168	0.00	195793696	99.89
433	56	0.00	195793528	99.89
435	1232	0.00	195793472	99.89
436	196	0.00	195792240	99.89
437	1372	0.00	195792044	99.89
438	14	0.00	195790672	99.89
439	14	0.00	195790658	99.89
440	1582	0.00	195790644	99.89
441	98	0.00	195789062	99.89
445	3360	0.00	195788964	99.89
446	1526	0.00	195785604	99.88
448	14	0.00	195784078	99.88
450	1840972	0.94	195784064	99.88
451	28	0.00	193943092	98.94
454	42	0.00	193943064	98.94
455	70	0.00	193943022	98.94
456	84	0.00	193942952	98.94
457	14	0.00	193942868	98.94
460	969206	0.49	193942854	98.94
462	28	0.00	192973648	98.45
465	2184	0.00	192973620	98.45
466	2548	0.00	192971436	98.45
468	14	0.00	192968888	98.45
469	14	0.00	192968874	98.45
470	4970	0.00	192968860	98.45
471	294	0.00	192963890	98.44
475	4421858	2.26	192963596	98.44
476	1694	0.00	188541738	96.19
480	54208	0.03	188540044	96.19
481	56	0.00	188485836	96.16
482	14	0.00	188485780	96.16
485	868	0.00	188485766	96.16
486	196	0.00	188484898	96.16
488	14	0.00	188484702	96.16
490	9268	0.00	188484688	96.16
492	28	0.00	188475420	96.15
493	14	0.00	188475392	96.15
494	0	0.00	188475378	96.15
495	168	0.00	188475378	96.15
499	3010	0.00	188475210	96.15
Cut Off Price Rs.500	188472200	96.15	188472200	96.15
	196013412	100.00		0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Basis of Allocation was finalized In consultation with the Bombay Stock Exchange Limited ("BSE") on 16th July, 2007.

A. Allocation to Employees (After Technical Reactions)

The Basis of Allocation to the Employees, who have bid at cut-off or at and above the Issue Price of Rs.500 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 0.049 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of shares allotted in this category is 29,568 Equity Shares to 136 successful applicants. The unsubscribed portion of 5,70,432 equity shares has been added to Retail and Non-Institutional categories in the ratio of 50:50.

B. Allocation to Retail Individual Investors (After Technical Rejections)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at and above the Issue Price of Rs.500 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 1.244 times. The total number of shares allotted In this category is 1,03,51,716 Equity Shares (including 285,216 equity shares spilled over from employees category) to 1,37,687 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
14	28173	19.71	394422	3.06	14	13:16	320474
28	18466	12.92	517048	4.02	23	FIRM	424718
42	12394	8.67	520548	4.04	34	.FIRM	421396
56	8745	6.12	489720	3.80	45	FIRM	393525
70	6871	4.81	480970	3.73	56	FIRM	384776
84	3219	2.25	270396	2.10	68	FIRM	218892
98	22448	15.70	2199904	17.08	79	FIRM	1773392
112	2019	1.41	226128	1.76	90	FIRM	181710
126	591	0.41	74466	0.58	101	FIRM	59691
140	1793	1.25	251020	1.95	112	FIRM	200816
		ADDITIONAL			1	17:18	1693
154	476	0.33	73304	0.57	124	FIRM	59024
168	513	0.36	86184	0.67	135	FIRM	69255
182	693	0.48	126126	0.98	146	FIRM	101178
196	36568	25.58	7167328	55.66	157	FIRM	5741176

 

 

 

 

 

 

 

 

 

 

 

 

C. Allocation to Non Institutional Investors (After Technical Rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at and above the Issue Price of Rs.500 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 1.33 times. The total number of shares allotted in this-category is 36,40,716 Equity Shares (including 2,85,216 equity shares spilled over from employee category) to 495 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
210	44	8.89	9240	0.19	158	FIRM	6952
504	36	7.27	18144	0.37	379	FIRM	13644
3010	6	1.21	18060	0.37	2263	FIRM	13578
20006	7	1.41	140042	2.89	15041	RRM	106287
70000	2	0.40	140000	2.89	52627	FIRM	105254
99988	2	0.40	199976	4.13	75173	FIRM	150346
100002	1	0.20	100002	2.07	75183	RRM	75183
149996	2	0.40	299992	6.19	112770	FIRM	225540
199500	1	020	199500	4.12	149987	FIRM	149987
199990	1	0.20	199990	4.13	150356	RRM	150356
200130	1	0.20	200130	4.13	150461	RRM	150461
299600	1	0.20	299600	6.19	225244	RRM	225244
301000	1	020	301000	6.22	226297	RRM	226297
490000	1	0.20	490000	10.12	368340	FIRM	368340

 

 

 

 

 

 

 

 

 

 

 

D. Allocation to QIBs

Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (10,06,650) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (1,91,26,350) on proportionate basis.

Category	Fls/Banks	MFs	Flls	ICs	Total
No.of Shares	1191330	1737175	14091079	3113416	20133000