MedPlus Health Services Limited Initial Public Offer to

 MedPlus Health Services Limited Initial Public Offer to open on December 13, 2021

 

·         Price Band fixed at ₹780 to ₹796 per Equity Share of face value of ₹2 each of MedPlus Health Services Limited

·         Offer to remain open from Monday, December 13, 2021 to Wednesday, December 15, 2021

·         Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter

 

MedPlus Health Services Limited (“MedPlus” or the “Company”), plans to open its Initial Public Offering (the “Offer”) on December 13, 2021.

The Price Band of the Offer has been fixed at ₹780 to ₹796 per Equity Share of face of ₹2 each. Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.

The Offer consists equity shares of face value of ₹2 each of MedPlus Health Services Limited comprising aggregating up to ₹13,982.95 million (the “Offer”), comprising of a fresh issue aggregating up to ₹6,000 million (the “Fresh Issue”) and an offer for sale of aggregating up to 7,982.95 million (the “Offer For Sale”). The Offer For Sale comprises of equity shares aggregating up to ₹6,230 million by PI Opportunities Fund – I (“Investor Selling Shareholder”), equity shares aggregating up to ₹1,070.00 million by S. S. Pharma LLC, equity shares aggregating up to ₹320.00  million by Shore Pharma LLC, equity shares aggregating up to ₹100.00 million by Natco Pharma Limited, equity shares aggregating up to ₹100.00 million by Time Cap Pharma Labs Private Limited, equity shares aggregating up to ₹71.28 million by A. Raghava Reddy, equity shares aggregating up to ₹42.28 million by K Prakurthi, equity shares aggregating up to ₹21.60 million by Navdeep Patyal, equity shares aggregating up to ₹14.70 million by Sangeeta Raju, equity shares aggregating up to ₹11.92 million by R. Venkat Reddy, equity shares aggregating up to ₹ 0.22 million by TK Kurien, equity shares aggregating up to ₹0.20 million by Nithya Venkataramani, equity shares aggregating up to ₹0.20 million by Atul Gupta, aggregating up to ₹0.20 million by Manoj Jaiswal, equity shares aggregating up to ₹0.20 million by Rahul Garg, equity shares aggregating up to ₹0.08 million by Kollengode Ramanathan Lakshminarayana and equity shares aggregating up to ₹0.08 million by Bijou Kurien (collectively, the “Other Selling Shareholders”)

The offer includes a reservation aggregating up to ₹50 million, for subscription by eligible employees (as defined hereinafter) (“Employee Reservation Portion”).

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”). This Offer  is in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion the “QIB Portion”) provided that the Company and the Investor Selling Shareholder, in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“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, in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.

Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIB”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts and UPI ID (in case of RIBs using the UPI Mechanism), in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process. For details, see “Offer Procedure” on page 338.

The Net Proceeds from the Fresh Issue are proposed to be utilised for (i) Investment into Material Subsidiary, Optival for funding working capital requirements of Optival; and (ii) General corporate purposes.

 The Equity Shares offered in this Offer are proposed to be listed at both BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”) post the listing.

G R Infraprojects Limited IPO oversubscribed by

G R Infraprojects Limited IPO oversubscribed by over 100 times

Most oversubscribed IPO in the Road and Highway sector in over a decade

 

G R Infraprojects Limited (“GRIL” or “Company”), an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various road/highway projects; received bids of 83,33,04,538 shares against the offered 81,23,594 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 12.57 times. While the Qualified Institutional Buyer category was subscribed 168.58 times, the Non-Institutional Investor category was subscribed 238.04 times and Employee Reserved category was subscribed 1.37 times.

The Offer was a complete offer for sale (“Offer for Sale”) at the upper price band of Rs. 837 per share.

Key brokerage houses like Angel Broking, IDBI Capital, Reliance securities, Prabhudas Lilladher and Phillip Capital had given recommendations of "Subscribe" to the issue for long term perspective.

From the total capital outlay provided in the budget estimates for FY 2022, the infrastructure segment occupies a share of 48.6%. In the infrastructure segment, majority of the capital outlay of 40.2% was allocated to the Ministry of Road Transport and Highways with a value of ₹1,082 billion. The total construction spend in the overall infrastructure segment from FY15-19 was valued at ₹17.93 trillion. 

Roads had a share of 48.3% in FY15-19. Investments were largely driven by the government’s implementation of the National Highways Development Project (NHDP) and continued emphasis on improving the rural and state road network by various state governments. Bharatmala Pariyojana (BMP) is a new umbrella scheme, which supersedes the existing National Highways Development Programme (NHDP). 

The programme envisages to construct about 65,000 km of highways under National Corridor (North-South, East-West and Golden Quadrilateral), economic corridors, inter-corridor roads, feeder roads, international connectivity, border roads, coastal roads, port connectivity roads and expressways. The scheme will include the existing NHDP programme as well.

HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Equirus Capital Private Limited are the BRLMs to the Offer.

G R Infraprojects Limited’s IPO to open

G R Infraprojects Limited’s IPO to open
on Wednesday, July 07, 2021

 

·       Price Band of Rs. 828 – Rs. 837 per equity share of face value of Rs. 5 each (“Equity Shares”)

·       Bid/Offer Opening Date – Wednesday, July 07, 2021 and Bid/Offer Closing Date – Friday, July 09, 2021

·       Minimum Bid Lot is 17 Equity Shares and in multiples of 17 Equity Shares thereafter

·        The Floor Price is 165.60 times the face value of the Equity Share and the Cap Price is 167.40 times the Face Value of the Equity Share

 

Risks to Investors: • The six Book Running Lead Managers associated with the Offer have handled 30 public offers in the current financial year and the past two financial years preceding the current financial year out of which 9 offers closed below the offer price on listing date. • The Price/Earnings ratio based on diluted EPS for Fiscal 2021 for the Company at the upper end of the Price band is 8.51 as compared to the average industry peer group PE ratio of 16.73. • Weighted Average Return on Net Worth for Fiscals 2021, 2020 and 2019 is 26.15%. • Average Cost of acquisition of Equity Shares for the Selling Shareholders namely Lokesh Builders Private Limited, Jasamrit Premises Private Limited, Jasamrit Fashions Private Limited, Jasamrit Creations Private Limited, Jasamrit Construction Private Limited, India Business Excellence Fund, India Business Excellence Fund I and Pradeep Kumar Agarwal is ₹ 22.12, ₹ 2.50, ₹ 2.50, ₹ 2.50, ₹ 2.50, ₹ 50.78, ₹ 50.78 and ₹ 130.80, respectively and the Offer Price at the upper end of the Price Band is ₹ 837.00 per Equity Share.

G R Infraprojects Limited (“GRIL” or “Company”), an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector, is proposing to open its initial public offering of Equity Shares (the “Offer”) on Wednesday, July 07, 2021 and close on Friday, July 09, 2021. The price band for the Offer has been determined at Rs. 828 – Rs. 837 per Equity Share. The Company and the Investor Selling Shareholders have, in consultation with the book running lead managers to the Offer (the “BRLMs”), considered participation by Anchor Investors, whose participation shall be one Working Day prior to the bid/offer opening Date, i.e. Tuesday, July 06, 2021.

The Offer will be a complete offer for sale of up to 1,15,08,704 Equity Shares (“Offer for Sale”). The Offer includes an employee reservation portion as well.

 The Offer for Sale comprises of up to 11,42,400 Equity Shares by Lokesh Builders Private Limited, up to 127,000 Equity Shares by Jasamrit Premises Private Limited, up to 80,000 Equity Shares by Jasamrit Fashions Private Limited, up to 56,000 Equity Shares by Jasamrit Creations Private Limited, up to 44,000 Equity Shares by Jasamrit Construction Private Limited, up to 64,14,029 Equity Shares by India Business Excellence Fund 1 and up to 31,59,149 Equity Shares by India Business Excellence Fund, and up to 486,126 Equity Shares by Pradeep Kumar Agarwal.

 

The Offer being only an Offer for Sale, Company will not receive any proceeds from the Offer.

 

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.

 

The Company’s principal business of civil construction comprises EPC and BOT projects in the road sector. The Company has, since 2006, executed over 100 road construction projects. As per the red herring prospectus of the Company dated June 26, 2021 (the “RHP”), out of its BOT projects, it has one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded to the company under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects. The Company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges and has recently diversified into projects in the railway sector.

HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Equirus Capital Private Limited are the BRLMs to the Offer.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP filed with the Registrar of Companies, Gujarat, Dadra & Nagar Haveli, at Ahmedabad (“RoC”).

Amongst the leading CPaaS providers, Route Mobile Limited to

Amongst the leading CPaaS providers, Route Mobile Limited to open
IPO on September 9, 2020

Initial public offering of up to [●] equity shares of face value ₹ 10 each of Route Mobile Limited (“Company”) (“Equity Shares”) for cash at a price of ₹ [●] per Equity Share including a premium of ₹ [●] per equity share (“Offer Price”), aggregating up to ₹ 600 crore (“Offer”). The Offer comprises a fresh issue of up to [●] Equity Shares aggregating up to ₹ 240 crore (“Fresh Issue”) and an offer for sale of up to [●] Equity Shares aggregating up to ₹ 360 crore by the selling shareholders being the promoters, including up to [●] Equity Shares aggregating up to ₹ 180 crore by Sandipkumar Gupta and up to [●] Equity Shares aggregating up to ₹ 180 crore by Rajdipkumar Gupta (“Offer for Sale”). The Offer shall constitute up to [●] % of the fully diluted post-offer paid-up equity share capital of the Company.

·         Minimum Bid lot is 40 Equity Shares and in multiples of 40 Equity Shares thereafter

·         Price Band of ₹ 345 – ₹ 350 per Equity Share

·        Offer opening date – September 9, 2020 and Offer closing date – September 11, 2020

·        The floor price is 34.5 times the face value of the Equity Shares and the cap price is 35 times the face value of the Equity Shares.   

Route Mobile, among the leading Omnichannel Cloud Communication Service Provider (CPaaS), to enterprises, over-the-top (“OTT”) players and mobile network operators (“MNOs”), with a client base including world’s largest and well known organizations across social media companies, banking and financial services, aviation, retail, e-commerce, logistics, healthcare, hospitality, telecom sector; will be opening its initial public offering on September 9, 2020 and will close on September 11, 2020, with a price band of ₹ 345 – ₹ 350 per Equity Share. Bids by anchor investors shall be submitted, and allocation to them be will be completed, on September 8, 2020, being one working day prior to the Offer opening date.

The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be allotted 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 (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. 5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including 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 Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are 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) if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process. 

Incorporated in 2004, the Company has served more than 30,150 clients since its inception, as of June 30, 2020. The Company has been ranked 2^nd Globally as a tier 1 application-to-peer service provider and 1^st for value added services amongst tier 1 vendors as per the “A2P SMS Messaging Vendor Performance Report 2017” dated June 2017 prepared and issued by Roaming Consulting Company Limited. The business verticals of the company include Enterprises, Mobile Operator, and Business Process Outsourcing for clients across Africa, Asia Pacific, Europe, Middle East and North America. 

  

The company operates through prepaid and postpaid business models with high operating margins and low cost base. The indigenously developed CPaaS platform is scalable with limited capital expenditure requirements.  In FY 20, Route Mobile processed more than 30.31 billion billable transactions and three months ended 2020, it processed more than 6.95 billion billable transactions.

The Company generated revenue from operations - ₹ 504.9 crore, ₹ 844.6 crore, ₹ 9,56.2 crore and ₹ 309.6 crore in fiscal 2018, 2019 and 2020, and in the three months ended June 30, 2020, respectively. 

The Company proposes to utilize the Net Proceeds towards funding for repayment or pre-payment, in full or part, of certain borrowings of the Company; acquisitions and other strategic initiatives; purchase of office premises in Mumbai; and general corporate purposes.

ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and IDBI Capital Markets & Securities Limited have been appointed as the book running lead managers to the Offer and KFin Technologies Private Limited is appointed as the Registrar to the Offer. The Equity Shares offered through the RHP are proposed to be listed on National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”).