The portion reserved for retail was subscribed around 0.95 times. The price band for the IPO has been fixed at Rs 467 to Rs 472 per share.
The Book Running Lead Managers (“BRLMs”) to the Offer are Axis Capital Limited and Citigroup Global Markets India Private Limited.
The Company and Selling Shareholders, in consultation with the BRLMs, may consider participation by Anchor Investors, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (“ICDR Regulations”). The Anchor Investor Bidding Date shall be one Working Day prior to the offer Opening Date.
The Equity Shares offered through the Offer are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).
The Offer is being made through the book building process, in reliance on Regulation 26(1) of the ICDR Regulations wherein not more than 50% of the Offer shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”); Provided that the Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) and Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Issue shall be available for allocation to Retail Individual Investors, in accordance with the ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilize the ASBA process providing details of their respective bank accounts, which will be blocked by the SCSBs to participate in the Offer.
The Company is the largest two-wheeler and three-wheeler automotive component manufacturer in India in terms of aggregate revenue for FY2015 from its selected product segments (Source: CRISIL Research). It also has operations in Europe with highly-automated manufacturing facilities in Italy and Germany.