- Price Band fixed at ₹469to ₹493 per Equity Share of face value of ₹ 5 each (“Equity Share”);
- Bid /Offer will open on Wednesday, December 13, 2023 and close on Friday, December 15, 2023. The Anchor Investor Bidding Data Shall be Tuesday, December 12, 2023
- Bids can be made for a minimum of 30Equity Shares and in multiples of 30 Equity Shares thereafter
Ahmedabad, 11th December, 2023 :India Shelter Finance Corporation Limited(“India Shelter” or the “Company”), a retail focused affordable housing finance company with an extensive distribution network comprising 203 branches as of September 30, 2023 and a scalable technology infrastructure across our business operations and throughout the loan life cycle, will open its Bid / Offer in relation to its initial public offer of Equity Shares on Wednesday, December13, 2023.
The total offer size of Equity Shares of face value ₹ 5 each aggregating up to ₹ 12,000 million [₹ 1200 crore] comprises fresh issue aggregating up to ₹ 8,000 million [₹ 800 crore ] and Offer for Sale aggregating up to 4,000 million [₹ 400 crore] by Selling Shareholders.
The Price Band of the Offer has been fixed at₹ 469 to ₹ 493Per Equity Share. Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter.
The Anchor Investor Bidding Date shall be Tuesday, December 12, 2023. The Bid/Offer will open on Wednesday, December 13, 2023 for subscription and will close on Friday, December 15, 2023.
The Company proposes to utilise net proceeds from fresh issue of Equity Shares to meet future capital requirements towards lending estimated to ₹ 6,400 million [₹ 640 crore] and balance amount towards general corporate purpose. (The “Object of Issue”).
The offer for sale comprises of Equity shares aggregating up to ₹ 0.2 million byCatalyst Trusteeship Limited (as trustee of MICP Trust), aggregating up to ₹ 1712.9 million [up to ₹ 171.29 crore] by Catalyst Trusteeship Limited (as trustee of Madison India Opportunities Trust Fund), , aggregating up to ₹ 544.30 million [₹ 54.43 crore] by Madison India Opportunities IV, , aggregating up to ₹ 317.6 million [₹ 31.76 crore] by MIO Starrock and aggregating up to ₹ 1,425 million [₹ 142.5 crore] by Nexus Ventures III, Ltd. (Collectively, the “investor selling shareholders” or the “Selling Shareholders”) (“the Offer for Sale”).
This Equity Shares are being offered through the red herring prospectus of the Company dated December 7, 2023 filed with Registrar of Companies, Delhi and Haryana at New Delhi (the “RHP”). and are proposed to be listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).
ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited and Ambit Private Limited are the Book Running Lead Managers to the offer.
The IPO Structure:
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by our Company in consultation with the BRLMs (the “Anchor Investor Portion”), of which one-third shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“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 QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”).
Further, 5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or above the Offer Price, 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 Offer shall be available for allocation to Non-Institutional Investors (“Non-Institutional Portion”) (out of which one-third of the portion available to Non-Institutional Investors will be available for allocation to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than ₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion).
Further, not less than 35% of the Offer shall be available for allocation to Retail Individual Investors (“Retail Portion”), 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) shall mandatorily participate in the Offer only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism) in which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Banks, as applicable. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.See “Offer Procedure” beginning on page 471.
All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.
