Biocon
Registered Office: Biocon Limited, 20th
KM Hosur Road, Electronic City P.O., Bangalore-560 100
Tel: +91 80 2852 3434, Fax: +91 80 2852 3423; Website: www.biocon.com; E-mail: bioconipo@biocon.com
Public Issue of 10,000,000 Equity
Shares of Rs.5 each at a price of Rs.315 for cash aggregating Rs.3,150.0 million (referred
to as the "Issue").
BASIS OF ALLOCATION
The issue was made through the 100% book building process
where in atleast 60% of the issue was to be allocated on a discretionary basis to
Qualified Institutional Buyers ("QIBs"). Further, not less than 15% of the Issue
was to be made available for allocation on a proportionate basis to Non-Institutional
Investors and not less than 25% of the Issue was to be made available for allocation on a
proportionate basis to Retail Investors, subject to valid bids being received at or above
the issue price.
The Company has received 352,941 bids for 324,702,000
equity shares resulting in 32.47 times* subscription. The valid demand (considering
highest value bid in case of multiple bids) being 344,002 bid for 324,667,550 equity
shares from Institutional, Non Institutional and Retail Investors categories is as under:
| Category |
No. of valid bids |
No. of shares bid |
Subscription (times) |
| Qualified Institutional Buyers |
298 |
232,288,200 |
38.71 |
| Non Institutional Investors |
9,271 |
58,236,350 |
38.82 |
| Retail Investors |
334,433 |
34,143,000 |
13.66 |
Final Demand
A sample of the final demand at different bid prices is as under:
| Bid Price |
No. of shares |
% of Total |
Cumulative Shares |
Cumulative % |
| At cut off |
56,818,700 |
17.499 |
56,818,700 |
17.50 |
| 315 |
267,019,700 |
82.235 |
323,838,400 |
99.73 |
| 314 |
2,500 |
0.001 |
323,840,900 |
99.73 |
| 313 |
600 |
0.000 |
323,841,500 |
99.73 |
| 312 |
450 |
0.000 |
323,841,950 |
99.74 |
| 311 |
50 |
0.000 |
323,842,000 |
99.74 |
| 310 |
18,350 |
0.006 |
323,860,350 |
99.74 |
| 309 |
200 |
0.000 |
323,860,550 |
99.74 |
| 308 |
400 |
0.000 |
323,860,950 |
99.74 |
| 307 |
200 |
0.000 |
323,861,150 |
99.74 |
| 306 |
350 |
0.000 |
323,861,500 |
99.74 |
| 305 |
7,800 |
0.002 |
323,869,300 |
99.74 |
| 304 |
200 |
0.000 |
323,869,500 |
99.74 |
| 303 |
50 |
0.000 |
323,869,550 |
99.74 |
| 302 |
1,000 |
0.000 |
323,870,550 |
99.74 |
| 301 |
1,950 |
0.001 |
323,872,500 |
99.74 |
| 300 |
114,200 |
0.035 |
323,986,700 |
99.78 |
| 299 |
150 |
0.000 |
323,986,850 |
99.78 |
| 298 |
350 |
0.000 |
323,987,200 |
99.78 |
| 297 |
100 |
0.000 |
323,987,300 |
99.78 |
| 296 |
50 |
0.000 |
323,987,350 |
99.78 |
| 295 |
5,500 |
0.002 |
323,992,850 |
99.78 |
| 293 |
550 |
0.000 |
323,993,400 |
99.78 |
| 292 |
700 |
0.000 |
323,994,100 |
99.78 |
| 291 |
150 |
0.000 |
323,994,250 |
99.78 |
| 290 |
11,200 |
0.003 |
324,005,450 |
99.79 |
| 289 |
100 |
0.000 |
324,005,550 |
99.79 |
| 288 |
100 |
0.000 |
324,005,650 |
99.79 |
| 286 |
300 |
0.000 |
324,005,950 |
99.79 |
| 285 |
6,700 |
0.002 |
324,012,650 |
99.79 |
| 284 |
50 |
0.000 |
324,012,700 |
99.79 |
| 283 |
0 |
0.000 |
324,012,700 |
99.79 |
| 282 |
0 |
0.000 |
324,012,700 |
99.79 |
| 281 |
200 |
0.000 |
324,012,900 |
99.79 |
| 280 |
11,350 |
0.003 |
324,024,250 |
99.79 |
| 279 |
150 |
0.000 |
324,024,400 |
99.79 |
| 278 |
0 |
0.000 |
324,024,400 |
99.79 |
| 277 |
0 |
0.000 |
324,024,400 |
99.79 |
| 276 |
150 |
0.000 |
324,024,550 |
99.79 |
| 275 |
7,450 |
0.002 |
324,032,000 |
99.79 |
| 274 |
250 |
0.000 |
324,032,250 |
99.79 |
| 273 |
450 |
0.000 |
324,032,700 |
99.79 |
| 272 |
600 |
0.000 |
324,033,300 |
99.79 |
| 271 |
650 |
0.000 |
324,033,950 |
99.79 |
| 270 |
668,050 |
0.206 |
324,702,000 |
100.00 |
A) Allocation to Non Institutional Investors:
The Basis of Allocation to the Non Institutional Investors who have bid for at or
above the Issue Price of Rs.315 per Equity Share, was finalized in consultation with the
National Stock Exchange of India Limited, Mumbai, on a proportionate basis after rounding
off to the nearest 50 shares. The total number of shares allocated in this category is
1,500,000. A sample of category-wise details of the Basis of Allocation is under:
| Category |
No. of applns. |
% of total applns. |
No. of shares applied |
% of Total Bid |
No. of shares allocated |
Ratio |
Total shares allocated |
| 200 |
1,831 |
20.58 |
366,200 |
0.65 |
50 |
2:19 |
9,650 |
| 500 |
931 |
10.46 |
465,500 |
0.82 |
50 |
1:4 |
11,650 |
| 1,000 |
702 |
7.89 |
702,000 |
1.24 |
50 |
5:9 |
19,500 |
| 2,000 |
149 |
1.67 |
298,000 |
0.53 |
50 |
Firm |
7,450 |
| 5,000 |
85 |
0.96 |
425,000 |
0.75 |
150 |
Firm |
12,750 |
| 10,000 |
144 |
1.62 |
1,440,000 |
2.54 |
250 |
Firm |
36,000 |
| 20,000 |
35 |
0.39 |
700,000 |
1.24 |
550 |
Firm |
19,250 |
| 50,000 |
24 |
0.27 |
1,200,000 |
2.12 |
1,300 |
Firm |
31,200 |
| 100,000 |
38 |
0.43 |
3,800,000 |
6.71 |
2,650 |
Firm |
100,700 |
| 200,000 |
9 |
0.10 |
1,800,000 |
3.18 |
5,300 |
Firm |
47,700 |
| 250,000 |
10 |
0.11 |
2,500,000 |
4.42 |
6,600 |
Firm |
66,000 |
| 300,000 |
2 |
0.02 |
600,000 |
1.06 |
7,950 |
Firm |
15,900 |
| 1,150,000 |
1 |
0.01 |
1,150,000 |
2.03 |
30,450 |
Firm |
30,450 |
| 1,500,000 |
2 |
0.02 |
3,000,000 |
5.30 |
39,750 |
Firm |
79,500 |
| 1,600,000 |
1 |
0.01 |
1,600,000 |
2.83 |
42,400 |
Firm |
42,400 |
| 3,174,600 |
2 |
0.02 |
6,349,200 |
11.21 |
84,100 |
Firm |
168,200 |
B)Allocation to Retail Investors:
The Basis of Allocation to the Retail Investors who have bid at cut-off Issue Price of
Rs.315 per Equity Share, was finalized in consultation with the National Stock Exchange of
India Limited, Mumbai, on a proportionate basis after rounding off to the nearest 50
shares. The total number of shares allocated in this category is 2,500,000. A sample of
category-wise details of the Basis of Allocation is under:
| Category |
No. of applns. |
% of total applns. |
No. of shares applied |
% of Total Bid |
No. of shares allocated |
Ratio |
Total shares allocated |
| 50 |
116,564 |
35.65 |
5,828,200 |
17.46 |
50 |
3:40 |
437,100 |
| 100 |
80,270 |
24.55 |
8,027,000 |
24.05 |
50 |
3:20 |
602,050 |
| 150 |
130,125 |
39.80 |
19,518,750 |
58.48 |
50 |
11:49 |
1,460,850 |
C)Allocation to QIBs:
| Category |
FIs/Banks |
MFs |
FIIs |
ICs |
VCs |
| No. of shares |
235,000 |
1,092,000 |
4,444,000 |
207,000 |
22,000 |
The IPO Committee has approved the basis of allocation of
shares as above and allotted the shares to the various successful applicants on March 31,
2004.
The refund orders for non allottees and partial allottees
are being despatched by registered post. The shares allocated to the successfull
applicants will be 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 listed with and admitted for trading in the National Stock Exchange of India
Limited and The Stock Exchange, Mumbai within seven working days from the date of approval
of the basis of allocation.
The status of allotment will be hosted at www.karvy.com on or after April 1, 2004.
All future correspondences 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 of the
Member of the Syndicate and Place where the bid was submitted and payment details at the
address given below:
M/s Karvy Computershare Private Limited
(Formerly a Division of M/s Karvy Consultants Limited)
Unit: Biocon Limited, 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad - 500034
Place: Hyderabad
Date: April 1, 2004 |
For Biocon Limited
Sd/-
Ashok Bhandarkar
Company Secretary |
* Including bids received at cut off price; 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 the Company. |