| Basis of Allotment |
THIS IS A PUBLIC ANNOUNCEMENT 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 PUBLICATION OR DISTRIBUTION. DIRECTLY OR INDIRECTLY OUTSIDE INDIA.
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HARSHDEEP HORTICO LIMITED |
Our Company was originally incorporated as a Limited Company under the name "Harshdeep Hortico Limited" on December 30. 2022 under the provisions of the Companies Act, 2013 with the Registrar of Companies, Mumbai, Maharashtra bearing CIN U26994MH2022PLC396421. l ater, on April 03, 2023, our Company took over the business of proprietorship concern of the promoter Hitesh Chunilal Shah, namely M/s. Harshdeep Agro Products as per business purchase agreement dated April 03, 2023 along with the assets and liabilities of the proprietorship concern as going concern. For further details please refer to chapter titled "History and Corporate Structure" beginning on page 101 of the Prospectus.
| Registered Office: Building No.1 Shree Sai Logistics, Survey No.18/2E 18/2P17/2A, 17/2B Part, Elkunde, Bhiwandi, Thane- 421302, Maharashtra, India. |
| Tel No: +91-94245-04224; E-mail: cs@harshdeepindia.com; Website: https://harshdeepindia.com/ |
| CIN: U26994MH2022PLC396421; Contact Person: Shreya Gandhi, Company Secretary & Compliance Officer |
| OUR PROMOTER: HITESH CHUNILAL SHAH |
| "THE ISSUE IS BEING MADE IN ACCORDANCE WITH CHAPTER IX OF THE SEBIICDR REGULATIONS (IPO OF SMALL AND MEDIUM ENTERPRISES) AND THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON SME PLATFORM OF BSE (BSE SME).'' |
We are primarily engaged in the business of designing, developing, manufacturing and supplying of various types of pots and planters along with related accessories.
| BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFER OF UPTO 42,42,000 EQUITY SHARES OF FACE VALUE OF Rs.10/- EACH (‘ EQUITY SHARES") OF HARSHDEEP HORTICO LIMITED ( ‘OUR COMPANY" OR "THE ISSUER" OR "HHL") AT AN ISSUE PRICE OF Rs. 45/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 35/- PER EQUITY SHARE) FOR CASH, AGGREGATING UP TO Rs. 1,908.90 LAKHS ( PUBLIC ISSUE") OUT OF WHICH 2,16,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH, AT AN ISSUE PRICE OF Rs. 45/- PER EQUITY SHARE FOR CASH, AGGREGATING Rs. 97.20 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 40.26.000 EQUITY SHARES OF FACE VALUE OF T 10 EACH. AT AN ISSUE PRICE OF Rs. 45/- PER EQUITY SHARE FOR CASH, AGGREGATING UP TO Rs. 1,811.70 LAKHS IS HERE INAFTER REFERRED TO AS THE "NET ISSUE". THE PUBLIC ISSUE AND NET ISSUE WILL CONSTITUTE 26.36% AND 25.02% RESPECTIVELY OF THE POST- ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
| THE FACE VALUE OF THE EQUITY SHARE IS RS.10 EACH AND ISSUE PRICE IS RS. 45 EACH. THE ISSUE PRICE IS 4.5 TIMES OF THE FACE VALUE OF THE EQUITY SHARE |
| ANCHOR INVESTOR ISSUE PRICE: RS. 45 PER EQUITY SHARE |
| THE ISSUE PRICE IS 4.5 TIMES OF THE FACE VALUE |
BID/ ISSUE PERIOD |
ANCHOR INVESTOR BIDDING DATE WAS: THURSDAY, JANUARY 25, 2024 |
| BID / ISSUE OPENED ON: MONDAY, JANUARY 29, 2024 | |
| BID / ISSUE CLOSED ON: WEDNESDAY, JANUARY 31, 2024 | |
RISK TO INVESTORS: |
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a) We generate our major portion of sales from our operations in certain geographical regions and any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.
b) The Merchant Banker associated with the Issue has handled 39 public issues in the past three years out of which 1 Issue closed below the Issue Price on listing date.
c) Average cost of acquisition of Equity Shares held by the Individual Promoter is
Sr. No. |
Name of the Promoter |
Average cost of Acquisition (in Rs.} |
1. |
Hitesh Chunilal Shah |
8.87 |
and the Issue Price at the upper end of the Price Bard is Rs. 45 per Equity Share.
d) The Price-' Earnings Ratio based on Diluted CPS to' Fiscal 2023 for the company at the upper end of the P'ice Band s Not available'.
e) Weighted Average Return on Net worth for Fiscals 2023,2022 and 2021 is Not available".
*EPS for fiscal 2023 is Not available, hence Price/ Earnings ratio cannot be calculated
*' Return on Net worth for Fiscal 2021, 2022 and 2023 is not available, hence Weighted Average Return on Net worth cannot be calculated
f) The Weighted average cost of acquisition of all Equity Shares transacted in the last ore year, 18 months and three years from the date ol RHP is as given below:
Period |
Weighted Average Cost of Acquisition (in Rs.) |
Upper end of the Price Band (Rs. 45) is X" times the weighted Average cost ol Acquisition |
Range of acquisition price: Lowest Price - Highest Price (in Rs.) |
| Last 1 year | 8.87 |
5.07 |
0-5801 |
| Last 18 months/ Last 3 years | N/A |
N/A |
N/A |
g) The Weighted average cost of acquisition compared to floor price and cap price
| Types of transactions | Weighted average cost of acquisition (Rs. per Equity Shares) | Floor price (i.e. Rs. 42) | Cap price (i.e. Rs. 45) |
| WACA of primary issuance(exceeding 5% of the pre issue capital) | 9.69' | 4.33 times | 4.64 times |
| WACA for secondary sale / acquisition (exceeding 5% of the pre issue capital) | NAA | NAA | NAA |
Note:
^
There were no secondary sale/acquisition of shares in last 18 months from the date of the Prospectus.* Post adjustment of bonus shares.
| PROPOSED LISTING: MONDAY, FEBRUARY 05, 2024* |
The Issue was Doing trade through the Book Building Process, n 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 Institution a Buyers ("QIBs", the "QIB Portion'), Our Company in consultation with the Book Running Lead Manager has allocated upto 60% of the QIB Portion to Anchor Investors on a discretionary bas s in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"). Further, not less than 15% of the Net Issue shall be 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 Investor) were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective ASBA accounts, and UPI D 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'' peg inning on page 200 of the Prospectus.
The investors are advised to refer to the Prospectus for the full text of the Disclaimer clause penning to BSE. For the purpose of this Issue, the Designated Stock Exchange will be the BSE Limited. The trading is proposed to be commenced on or before Monday, February 05, 2024*
‘Subject to the receipt of listing and trading approval from the BSE (BSE SME).
The bidding for Anchor Investors opened and closed on Thursday, January 25, 2024 The Company received 6 Anchor Investors applications for 26.82,000 Equity Shams. The Anchor Investor Allocation price v/as finalized at Rs. 45/- per Equity Share. A total of 12,06,000 Equity Shares were allotted under the Anchor Investors portion aggregating to Rs. 5,42,70,000/-.
The Issue (excluding Anchor Investors Portion) received 52,701 Applications for 29,78,10,000 Equity Shams (after bid not banked cases and removing multiple and duplicate bids and be-ore rejection) resulting 98.09 subscription (including reserved portion of market maker) The details of the Applications received in the Issue from various categories are as under (before rejections):
Detail of (he Applications Received (excluding Anchor Investors Portion and before rejections):
Sr. No. |
Category |
Number of Applications |
No. of Equity Shares applied |
Equity Shares Reserved as per Prospectus |
No. of times Subscribed |
Amount (Rs.) |
1 |
Market Maker | 1 |
2,16,000 |
2,16,000 |
100 |
97,20,000.00 |
2 |
Qualified institutional Buyers (excluding anchor investors! | 20 |
4,00,56,000 |
8,04,000 |
49.82 |
1,80,25,20,000.00 |
3 |
Non - institutional Investors | 4.572 |
11,32,02,000 |
6,06,000 |
186.80 |
5,09,40,00,000.00 |
4 |
Retail Individual Investors | 48.238 |
14,47,14,000 |
14,10,000 |
102.63 |
6,51,13,26,000.00 |
| TOTAL | 52,831 |
29.81,88,000 |
30,36,000 |
98.22 |
13,41,75,66,000.00 |
Final Demand:
A summary of the final demand as per 3SE as on the Bid/ Issue Closing Date at different Bid prices s as under:
Sr. No. |
Bid Price |
Bids Quantity |
% of Total |
Cumulative Total |
% Cumulative Total |
1 |
42 |
4,29,000 |
0.12 |
4,29,000 |
0.12 |
2 |
43 |
2,43,000 |
0.07 |
6,72,000 |
0.19 |
3 |
44 |
2,25,000 |
0.06 |
8,97,000 |
0.25 |
4 |
45 |
23,54,40,000 |
66.55 |
23,63,37,000 |
66.80 |
5 |
Cutoff Price |
11,74,35,000 |
33.20 |
35,37,72,000 |
100.00 |
TOTAL |
35,37,72,000 |
100.00 |
The Bas s of Allotment was finalized in consultation with the Designated Stock Exchange, being BSF Limited (BSF SME) on February 01.2024.
1) Allotment to Retail Individual Investors (Alter Rejections):
The Basis of Allotment to the Retail Individual Investors, who have Bid at cut-off Price or at the Issue Price of Rs. 45 per Equity Share, was final zed in consultation with 3Sb. The category has been subscribed to the extent of 100.78 times (after rejections). The total number of Equity Shares Allotted in this category is 14,10,000 Equity Shares to 470 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 |
47,368 |
100.00 |
14,21,04,000 |
100.00 |
3,000 |
4:403 |
14,10,000 |
2) Allotment to Non-institutional Investors (After Rejections):
The Basis of Allotment to the Non-institutional Investors, who have bid at the Issue P'ice of Rs. 45 per Equity Share, was finalized in consultation with BSE. The category has been subscribed to the extent of 186.15 times. The total number of Equity Shares Allotted in this category is 6,06,000 Equity Shares to 169 successful applicants. The details of the 3as s 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 |
6,000 |
2786 |
61.68 |
1,67,16,000 |
15.12 |
3,000 |
31:2786 |
93,000 |
9,000 |
371 |
8.21 |
33,39,000 |
3.02 |
3,000 |
6:371 |
18,000 |
12,000 |
181 |
4.01 |
21,72,000 |
1.96 |
3,000 |
4:181 |
12,000 |
15,000 |
148 |
3.28 |
22,20,000 |
2.01 |
3,000 |
4:148 |
12,000 |
18,000 |
99 |
2.19 |
17,82,000 |
1.61 |
3,000 |
3:99 |
9003 |
1,35,000 |
5 |
0.11 |
6,75,000 |
0.61 |
3,000 |
1:5 |
3,000 |
1,38,000 |
2 |
0.04 |
2,76,000 |
0.25 |
3,000 |
1:2 |
3,000 |
1,41,000 |
2 |
0.04 |
2,82,000 |
0.26 |
3,000 |
1:2 |
3,000 |
1,44,000 |
2 |
0.04 |
2,88,000 |
0.26 |
3,000 |
1:2 |
3,000 |
1,47,000 |
1 |
0.02 |
1,47,000 |
0.13 |
3,000 |
0:1 |
0 |
2,76,000 |
2 |
0.04 |
5,52,000 |
0.50 |
3,000 |
1:2 |
3,000 |
2,79,000 |
1 |
0.02 |
2,79,000 |
0.25 |
3,000 |
1:1 |
3,000 |
2,88,000 |
1 |
0.02 |
2,88,000 |
0.26 |
3,000 |
1:1 |
3000 |
2,91,000 |
1 |
0.02 |
2,91,000 |
0.26 |
3,000 |
1:1 |
3,000 |
3,00,000 |
3 |
0.07 |
9,00,000 |
0.81 |
3,000 |
2:3 |
6,000 |
19,95,000 |
2 |
0.04 |
39,90,000 |
3,61 |
9,000 |
1:1 |
18,000 |
19,95,000 |
3,000 additional shares allocated for serial no. 108 in the ratio of 1:2 |
3,000 |
1:2 |
3,000 |
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20,16,000 |
9 |
0.20 |
1,81,44,000 |
16.41 |
9,000 |
1:1 |
81,000 |
20,16,000 |
3,000 additional shares allocated for serial no. 109 in the ratio of 6:9 |
3,000 |
6:9 |
18,000 |
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3) Allotment to QIBs excluding Anchor Investors (After Rejections):
Allotment to QIBs. who have b d at the Issue Price of Rs. 45 per Equity Share or above, has been done on a proportionate oasis in consultation with BSE This category has been subscribed to the extent ot 49 82 times of QIB portion The total number of Equity Shares allotted in the QIB category is 8,04,000 Equity Shares, which were allotted to 19 successful Applicants.
| CATEGORY | FIS/BANKS |
MF'S |
ICS |
NBFC'S |
AIF |
FPI |
VC'S |
TOTAL |
|
| QIB | - |
- |
- |
3,27,000 |
2,40,000 |
2,10,000 |
27,000 |
8,04,000 |
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4) Allotment to Anchor Investors (Alter Rejections):
The Company in consultation with the BRLM has a located 12,06,000 Equity Shares to 5 Anchor Investors at the Anchor Investor Issue Price of Rs. 45 per 'Equity Shares' accordance with the SEBI (ICDR) Regulations. Th s represents upto 60 % of the QIB Category.
| CATEGORY | FIS/BANKS |
MF'S |
ICS |
NBFC'S |
AIF |
FPI |
OTHERS |
TOTAL |
| ANCHOR | - |
- |
- |
- |
7,02,000 |
5,04,000 |
- |
12,06,000 |
The Board of Directors of our Company at its meeting held on February 01, 2024 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE 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 February 02, 2024. in case the same is not received within ten days, Investors may contact the Registrar to the Issue at the address given below. The Equity Shares allotted to the successful allotted shall be uploaded on February 02, 2024 for 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 BSE and the trading of the Equity Shares is expected to commence trading on Monday. February 05, 2024.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated January 31.2024 filed with the Registrar of Companies, Mumbai ("RoC").
| INVESTORS, PLEASE NOTE |
The details of the allotment made has been hosted on the website of the Registrar to the Issue Link Intime India Private Limited at website: www.linkintime.co.in
TRACK RECORD OF BOOK RUNNING LEAD MANAGERS: The Merchant Banker associated with the Issue has handled 39 public issues in the past three years out of which 1 Issue closed below the Issue Price on listing date.
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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LINK INTIME INDIA PRIVATE LIMITED |
| Address: C-101,247 Park, L. B. S. Marg, Vikhroli (West), Mumbai-400 083 Maharashtra, India | |
| Tel No: -91 810 811 4949; Email: harshdeephortico.ipo@linkintime.co.in | |
| Website: www.linkintime.co.in; Investor Grievance Email: harshdeephortico.ipo@linkintime.co.in | |
| Contact Person: Shanti Gopalkrishnan; SEBI Registration No.: INR000004058 |
| On behalf of Board of Directors | |
| Harshdeep Hortico Limited | |
| Sd/- | |
| Place: Thane, Maharashtra | Shreya Gandhi, |
| Date: February 02, 2024 | Company Secretary and Compliance Officer |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF HARSHDEEP HORTICO LIMITED
Disclaimer: Harshdeep Hortico Limited has filed the Prospectus with the RoC on January 31, 2024 and thereafter with SEBI and the Stock Exchange. The Prospectus is available on the website of the BRLMs, Hem Securities Limited at www.hemsecurities.com and the company at: https://harshdeepindia.com/, and shall also be available on the website of the BSE 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 ‘Risk Factors" beginning on page 22 the prospectus.
The Equity Shares have not been and will not be registered under the 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 issued 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 Issued and sold outside the United States in 'offshore transaction' in reliance on Regulation under the Securities Act and the applicant laws of each jurisdiction where such Issues and sales are made. There will be no public Issuing in the United States.
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