Basis of Allotment |
THIS IS A PUBLIC ANNOUCEMEHT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT. THIS DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. THIS PUBLIC ANNOUNCEMENT IS NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA.
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SYSTANGO TECHNOLOGIES LIMITED |
(Formerly known as Systango Technologies Private Limited) |
Our Company was originally incorporated as "Bushcare Overseas Private Limited" on September 17, 2004 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Madhya Pradesh and Chattisgarh with CIN U51109MP2004PTC016959. Further, pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on August 11, 2006, the name of our Company was changed from "Bushcare Overseas Private Limited" to "Systematix Technocrates Private Limited" and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Madhya Pradesh and Chattisgarh vide letter dated August 18, 2006. Further, pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on May 05, 2016, the name of our Company was changed from "Systematix Technocrates Private Limited" to "Systango Technologies Private Limited" and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Gwalior vide letter dated May 18, 2016. Subsequently, pursuant to Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting, held on December 13, 2022 our Company was converted into a Public Limited Company and consequently the name of our Company was changed from "Systango Technologies Private Limited" to "Systango Technologies Limited" vide a fresh certificate of incorporation consequent upon conversion from private company to public company dated December 27, 2022 issued by the Registrar of Companies, Gwalior bearing CIN U51109MP2004PLC016959. For further details please refer to chapter titled "History and Corporate Structure" beginning on page 120 of this Prospectus dated March 09, 2023 filed with Registrar of Companies.
Registered Office: Third Floor (LHS), STP-I Crystal IT Park, Ring Road, Indore 452010, Madhya Pradesh, India. Tel No: +91 0731 2971030; E-mail: cs@systango.com; |
Website: www.systanao.com; CIN: U51109MP2004PLC016959; Contact Person: Apurva Mishra, Company Secretary & Compliance Officer |
OUR PROMOTERS: VINITA RATHI AND NILESH RATHI |
BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFER OF 38,66,800 EQUITY SHARES OF FACE VALUE OF Rs. 10/- EACH (THE "EQUITY SHARES") OF SYSTANGO TECHNOLOGIES LIMITED ("OUR COMPANY" OR "THE ISSUER" OR "STL") FOR CASH AT AN ISSUE PRICE OF Rs. 90 PER EQUITY SHARE ("ISSUE PRICE") (INCLUDING A SHARE PREMIUM OF Rs. 80 PER EQUITY SHARE), AGGREGATING UP TO Rs. 3481.92 LAKHS ("PUBLIC ISSUE") OUT OF WHICH 1,96,800 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH, AT AN ISSUE PRICE OF Rs. 90 PER EQUITY SHARE FOR CASH, AGGREGATING Rs. 177.12 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE PUBLIC ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 36,72,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH, AT AN ISSUE PRICE OF Rs. 90 PER EQUITY SHARE FOR CASH, AGGREGATING Rs. 3304.80 LAKHS IS HERE IN AFTER REFERRED TO AS THE "NET ISSUE". THE PUBLIC ISSUE AND NET ISSUE WILL CONSTITUTE 26.37% AND 25.03% RESPECTIVELY OF THE POST- ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
ISSUE PRICE: RS. 90 PER EQUITY SHARE OF FACE VAUIE OF RS.10 EACH. ANCHOR INVESTOR ISSUE PRICE: RS. 90 PER EQUITY SHARE | |
THE ISSUE PRICE IS 9.0 TIMES OF THE FACE VALUE | |
Risk to Investors: | |
a) | We are dependent on a few customers for a major part of our revenues. Further we do not have any long-term commitments from customers and any failure to continue our |
existing arrangements could adversely affect our business and results of operations | |
b) | The Merchant Banker associated with the Issue has handled 22 public issue in the past three years out of which 1 Issue closed be low the Issue Price on listing date. |
c) | Average cost of acquisition of Equity Shares held by the Individual Promoters Is |
Sr. No. | Name of the Promoters | No. of Shares held | Average cost of Acquisition (in Rs.)* |
1. | Nilesh Rathi | 52,23,990 | Nil |
2. | Vinita Rathi | 53,21,000 | Nil |
*Based on FIFO Method and the Issue Price at the upper end of the Price Band Is Rs. 90 per Equity Share.
d) | The Price/ Earnings ratio based on Diluted EPS for Fiscal 2022 for the company at the upper end of the Price Band is 13.66 |
e) | Weighted Average Return on Net worth for Fiscals 2022, 2021 and, 2020 is 47.26% |
f) | The Weighted average cost of acquisition of all Equity Shares transacted in the last one year, 18 months and three years from the date of Prospectus is as given below: |
Period | Weighted Average Cost of Acquisition (in Rs.)* | Upper end of the Price Band (Rs. 90) Is "X" times the weighted Average cost of Acquisition | Range of acquisition price: Lowest Price - Highest Price (in Rs.) |
Last 1 year/ Last 18 months | Nil | Nil | Nil |
Last 3 years | Nil | Nil | Nil |
*Weighted average cost of acquisition has been calculated by consolidation of equity shares.
BID/ ISSUE PERIOD | |
BID/ ISSUE OPENED ON: THURSDAY, MARCH 02, 2023 | BID/ ISSUE CLOSED ON: MONDAY, MARCH 06, 2023 |
ANCHOR INVESTOR BIDDING DATE WAS: WEDNESDAY, MARCH 01, 2023 | |
PROPOSED LISTING: MARCH 15, 2023* |
The Issue was made through the Book Building Process, In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 253 of the SEBI (ICDR) Regulations, as amended, wherein not more than 50% of the Net Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs", the "QIB Portion"), Our Company, in consultation with the Book Running Lead Manager, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI (ICDR) Regulations ("Anchor Investor Portion"). Further, not less than 15% of the Net Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue was made available for allocation to Retail Individual Bidders In accordance with the SEBI (ICDR) Regulations, subject to valid Bids being received at or above the Issue Price. All potential Bidders (except Anchor Investors) were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective ASBA accounts, and UPI ID In case of RIBs using the UPI Mechanism, If applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors were not permitted to participate in the Issue through the ASBA process. For details, see "Issue Procedure" beginning on page 238 of this Prospectus.
The Investors are advised to refer to the Prospectus for the full text of the Disclaimer clause pertaining to NSE. For the purpose of this Issue, the Designated Stock Exchange will be the National Stock Exchange of India Limited. The trading is proposed to be commenced on or about March 15, 2023*.
*Subject to the receipt of listing and trading approval from the NSE (NSE Emerge).
The bidding for Anchor Investors opened and closed on March 01, 2023. The Company received 4 Anchor Investors applications for 11,15,200 Equity Shares. The Anchor Investor Allocation price was finalized at Rs. 90 per Equity Share. A total of 10,99,200 Equity Shares were allotted under the Anchor Investors portion aggregating to Rs. 9,89,28,000/-.
The Issue (excluding Anchor Investors Portion) received 56,967Applications for 23,89,34,400 Equity Shares (after bid not banked cases and before technical rejection) resulting In 86.27 times subscription (including reserved portion of market maker). The details of the Applications received in the Issue from various categories are as under (before technical rejections):
Detail of the Applications Received (excluding Anchor Investors Portion):
Sr. No. | Category | Number of Applications | No. of Equity Shares applied | Equity Shares Reserved as per Prospectus | No. of times Subscribed | Amount (Rs.) |
1 | Non Retail Investors | 3,244 | 127,564,800 | 552,000 | 231.10 | 11,480,678,400 |
2 | Retail Individual Investors | 53,703 | 85,924,800 | 1,286,400 | 66.79 | 7,732,851,200 |
3 | Market Maker | 1 | 196,800 | 196,800 | 1.00 | 17,712,000 |
4 | QIB (excluding Anchor investor portion) | 19 | 25,248,000 | 734,400 | 34.38 | 2,272,320,000 |
TOTAL | 56,967 | 236,934,400 | 2,769,600 | 86.27 | 21,503,561,600 |
Final Demand: A summary of the final demand as per NSE as on the Bid/ Issue Closing Date at different Bid prices is as under:
Sr. No. | Bid Price | Bids Quantity | % of Total | Cumulative Total | % Cumulative Total |
1 | 85.00 | 132800 | 0.0512 | 259577600 | 100.0000 |
2 | 86.00 | 3200 | 0.0012 | 259444800 | 99.9488 |
3 | 87.00 | 6400 | 0.0025 | 259441600 | 99.9476 |
4 | 88.00 | 6400 | 0.0025 | 259435200 | 99.9451 |
5 | 89.00 | 22400 | 0.0086 | 259428800 | 99.9427 |
6 | 90.00 | 223286400 | 86.0191 | 259406400 | 99.9340 |
7 | CUTOFF | 36120000 | 13.9149 | 36120000 | 13.9149 |
TOTAL | 259577600 | 100.00 |
The Basis of Allotment was finalised in consultation with the Designated Stock Exchange, being National Stock Exchange of India Limited (NSE Emerge) on March 10,2023.
1) Allotment to Retail Individual Investors (After Technical Rejections)
The Basis of Allotment to the Retail Individual Investors, who have Bid at cut-off Price or at or above the Issue Price of Rs. 90 per Equity Share, was finalized in consultation with NSE. The category has been subscribed to the extent of 65.62 times. The total number of Equity Shares Allotted in this category Is 12,86,400 Equity Shares to 804 successful applicants. The details of the Basis of Allotment of the said category are as under:
No. of Shares Applied for (Category wise) | No. of Applications Received | %of Total | Total No. of Shares Applied | % to Total | No. of Equity Shares Allotted per Applicant | Ratio | Total No. of Shares Allotted |
Retail individual Investors | 52756 | 100.00 | 84409600 | 100.00 | 1600 | 13:853 | 12,86,400 |
2) Allotment to Nor-Institutional Investors (After Technical Rejections)
The Basis of Allotment to the Non-institutional Investors, who have bid at the Issue Price of Rs. 90 per Equity Share or above, was finalized in consultation with MSE. The category has been subscribed to the extent of 230.20 times. The total number of Equity Shares Allotted in this category is 5,52,000 Equity Shares to 260 successful applicants. The details of the Basis of Allotment of the said category are as under (Sample Basis):
No. of Shares Applied for (Category wise) | No. of Applications Received | % of Total | Total No. of Shares Applied in Each Category | % to Total | No. of Equity Shares Allotted per Applicant | Ratio | Total No. of Shares Allotted | ||
3200 | 1018 | 31.81 | 3257600 | 2.56 | 13.9 | 1600 | 6 | 905 | 14400 |
4800 | 252 | 7.87 | 1209600 | 0.95 | 20.85 | 1600 | 1 | 84 | 4800 |
6400 | 173 | 5.41 | 1107200 | 0.87 | 27.8 | 1600 | 3 | 173 | 4800 |
8000 | 114 | 3.56 | 912000 | 0.72 | 34.75 | 1600 | 1 | 57 | 3200 |
9600 | 102 | 3.19 | 979200 | 0.77 | 41.71 | 1600 | 1 | 34 | 4800 |
11200 | 403 | 12.59 | 4513600 | 3.55 | 48.66 | 1600 | 12 | 403 | 19200 |
12800 | 127 | 3.97 | 1625600 | 1.20 | 55.61 | 1600 | 4 | 127 | 6400 |
14400 | 51 | 1.59 | 734400 | 0.58 | 62.55 | 1600 | 2 | 51 | 3200 |
16000 | 122 | 3.81 | 1952000 | 1.54 | 69.51 | 1600 | 5 | 122 | 8000 |
17600 | 38 | 1.19 | 668800 | 0.53 | 76.45 | 1600 | 1 | 19 | 3200 |
416000 | 4 | 0.12 | 1664000 | 1.31 | 1807.25 | 1600 | 1 | 1 | 6400 |
1600 additional shares allocated for serial no 159 in the ratio of 1:4 | 1600 | 1 | 4 | 1600 | |||||
1008000 | 1 | 0.03 | 1008000 | 0.79 | 4379 | 4800 | 1 | 1 | 4800 |
1110400 | 1 | 0.03 | 1110400 | 0.87 | 4824 | 4800 | 1 | 1 | 4800 |
1302400 | 1 | 0.03 | 1302400 | 1.02 | 5658 | 6400 | 1 | 1 | 6400 |
1440000 | 1 | 0.03 | 1440000 | 1.13 | 6256 | 6400 | 1 | 1 | 6400 |
1462400 | 1 | 0.03 | 1462400 | 1.15 | 6353 | 6400 | 1 | 1 | 6400 |
1572800 | 1 | 0.03 | 1572800 | 1.24 | 6832 | 6400 | 1 | 1 | 6400 |
1616000 | 1 | 0.03 | 1616000 | 1.27 | 7020 | 6400 | 1 | 1 | 6400 |
1777600 | 2 | 0.06 | 3555200 | 2.80 | 7722 | 8000 | 1 | 1 | 16000 |
1833600 | 1 | 0.03 | 1833600 | 1.44 | 7965 | 8000 | 1 | 1 | 8000 |
1838400 | 8 | 0.25 | 14707200 | 11.57 | 7986.25 | 8000 | 1 | 1 | 64000 |
3) Allotment to QIBs excluding Anchor Investors (Alter Technical Rejections)
Allotment to QIBs, who have bid at the Issue Price of Rs. 90 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 34.38 times of QIB portion. The total number of Equity Shares allotted in the QIB category is 7,34,400 Equity Shares, which were allotted to 19 successful Applicants.
Category | FI's | BANKS | MP's | IC | AIF | FIIs/ FPIs | OTHERS | TOTAL |
QIB | 75,200 | - | - | 99,200 | 2,22,400 | 3,37,600 | 7,34,400 |
4) Allotment to Anchor Investors (After Technical Rejections)
The Company In consultation with the BRLM has allocated 10,99,200 Equity Shares to 4 Anchor Investors at the Anchor Investor Offer Price of Rs. 90 per Equity Shares In accordance with the SEBI (ICDR) Regulations. This represents 60% of the QIB Category.
Category | FIs/ BANKS | MF's | IC | AIF | FIIs/ FPIs | OTHERS | TOTAL |
Anchor | - | - | - | 3,90,400 | 4,57,600 | 2,51,200 | 10,99,200 |
The Board of Directors of our Company at Its meeting held on March 10, 2023 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 applicants.
The Allotment Advice Cum Refund Intimation will be dispatched to the address of the Investors as registered with the depositories. Further, instructions to the SCSBs have been dispatched / mailed for unblocking of funds and transfer to the Public Issue Account on or before March 13, 2023.
The Equity Shares allotted to the successful allottees shall be uploaded on March 14, 2023for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of obtaining the listing and trading approval from NSE and the hading of the Equity Shares is expected to commence on March15, 2023.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated March 09, 2023 filed with the Registrar of Companies, Gwalior ("RoC").
CORRIGENDUM: NOTICE TO INVESTORS |
This is with reference to the Price Band advertisement for Initial Public offer of Systango Technologies Limited offered vide its Prospectus dated March 09, 2023, ('Prospectus") filed with the Registrar of Companies, Gwalior (the ("ROC"), the NSE (NSE Emerge) and the Securities and Exchange Board of India ("SEBI"). All capitalized term used in the notice shall, unless the context otherwise requires, have the meaning ascribed in the Prospectus.
The company had published Price Band advertisement dated February 25, 2023 In relation to the IPO of Systango Technologies Limited In Business Standard (All Editions- English), Business Standard (All Editions- Hindi) and Hamara Swaraj (Regional Edition -Indore), in which, the table titled "Comparison of Accounting Ratios with Industry Peers", contained Information on the 'Total Income' which was erroneously mentioned as "Rs. in crores" Instead of "Rs. in Lakhs". Therefore, the total income of the company and peers disclosed under the heading Comparison of Accounting Ratios with Industry Peers", should be read as Rs. in lakhs.
This corrigendum is required to be read in conjunction with the Price Band advertisement published on February 25, 2023.
INVESTORS PLEASE NOTE |
The details of the allotment made has been hosted on the website ot the Registrar to the Issue, Bigshare Services Private Limited at website: www.bloshareonllne.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole Bidder Serial number of the ASBA form, number of Equity Shares bid for, Bidder DP ID, Client ID, PAN, date of submission of the Bid cum Application Form, address of the Bidder, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and copy of the Acknowledgment Slip received from the Designated Intermediary and payment details at the address given below:
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BIGSHARE SERVICES PRIVATE LIMITED | |
Address: S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, | ||
Andheri (East) Mumbai - 400093, Maharashtra, India. Tel. No.: +91-022-6263 8200; | ||
Website: www.bigshareoniine.com; Email: ipo@bigshareonline.com | ||
CIN: U99999MH1994PTC076534; Investor Grievance Email: investor@bigshareonline.com | ||
Contact Person: Mr. Babu Raphel; SEBI Regn. No.: MB/INR000001385 | ||
On behalf of Board of Directors | ||
Systango Technologies Limited | ||
Sd/- | ||
Place: Indore, Madhya Pradesh | Apurva Mishra | |
Date: March 13, 2023 | Company Secretary & Compliance Officer |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EOUITY SHARES ON LISTING ORTHE BUSINESS PROSPECTS OF SYSTANGO TECHNOLOGIES LIMITED.
Disclaimer: Systango Technologies United has tiled the Prospectus with the RoC on March 09, 2023and thereafter with SEBI and the Stock Exchanges. The Prospectus is available on the website of the BRIM, Hem Securities Limited at www.hemseajrities.com and the Company at www.systanoo.com. and shall also be available on the website of the USE and SEBI. Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, please see "RiskFactors'' beginning on page 25 of the Prospectus.
The Equity Shares have not been and will not be registered under die U.S. Securities Act of 1933, as amended (the "Securities Act") or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being offered and sold outside the United States in 'offshore transactions' in reliance on Regulation under the Securities Act and the applicable laws of each jurisdiction where such offers and sales are made. There will be no public offering in the United States.
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