The Basis of allotment was finalized in consultation with NSE on February 1, 2017.

A. Allotment to Retail Individual investors (After Technical Rejections)Tha Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs 806 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 6.118438 times. The total number of Equity Shares Allotted in Retail Portion is 5,399,519 Equity Shares to 299,973 successful Retail Individual Investors. The category-wise details of the Basis of Alotment are as under:

Category	No. of applications received	% of total	Total no. of Equity Shares applied	% to tolal	No. of Equity 5hares Allotted per applicant	Ratio	Total no. of Equity Shares allotted
18	967,705	85.50	17,418,690	52.73	18	216:815	4,616,478
36	58,340	5.15	2,100,240	6.36	18	97: 366	278,316
54	26,436	2.34	1,427,544	4.32	18	97: 366	126,105
72	12,126	1.07	873,072	2.64	18	97: 366	57,852
90	12,206	1.08	1,098,540	3.33	18	97: 366	58,230
108	10,080	0.89	1,088,640	3.30	18	97: 366	48,078
126	7,864	0.69	990,864	3.00	18	97: 366	37,512
144	2,310	0.20	332,640	1.01	18	97: 366	11,016
162	1,297	0.11	210,114	0.64	18	97:366	6,192
180	4,797	0.42	863,460	2.61	18	97: 366	22,878
198	1,342	0.12	265,716	0.80	18	97: 366	6,408
216	1,744	0.15	376,704	1.14	18	97: 366	8,316
234	25,600	2.26	5,990,400	18.13	18	97: 366	122,130
Please refer to note below					1	5:43502	5
TOTAL	1,131,847	100.00	33,036,624	100.00			5,399,519

Note: Post drawal of lots, a total 5,399,514 Equity Shares were allotted out of the 5,399,519 Equity Shares available for the Retail Portion. Accordingly, 43,502 successful applicants from the categories 36-234 ( i.e. excluding successful applicants from Category 18) were allotted 5 Equity Shares in the radio of 5:43502.

SEBI has come out with new allotment process for IPOs, which will incorporate a mechanism. Here's an attempt to understand the new mechanism of IPO allotment through an illustration:

For our exercise, let us assume the total number of specified securities (read equity shares) on offer to be 1 crore specified securities. Let's say these securities are on offer at Rs.600/- a share. Thus, specified securities on offer for Retail Individual Investors category would translate to 35,00,000 specified securities. Let's add that the issuer decides to fix the minimum application / bid size as 20 specified securities (falling within the range of Rs. 10,000 - Rs. 15,000). Application can therefore, be made for a minimum of 20 specified securities and in multiples thereof.

Let's further assume that the issue is over-subscribed 2.5 times whereas the Retail Individual Investors’ category is oversubscribed 4 times. Assume that a total of 100,000 Retail Individual Investors have applied in the issue, in varying number of bid lots i.e. between 1 – 16 bid lots, based on the maximum application size of upto Rs. 2,00,000 (i.e. Bid Lot 1 is for 20 shares, Bid Lot 2 for 40 shares, Bid Lot 3 for 60 shares and so on till Bid Lot 16 which will translate to 320 shares)

Out of the 100,000 Retail Individual Investors, let's say there are five retail individual investors A, B, C, D and E who have applied as follows:

• A has applied for 320 specified securities
• B has applied for 220 specified securities
• C has applied for 120 specified securities
• D has applied for 60 specified securities and 
• E has applied for 20 specified securities

Now, as per allotment procedure, the allotment to retail individual investors shall not be less than the minimum bid lot, subject to availability of shares, and the remaining available shares, if any, shall be allotted on a proportionate basis

The actual entitlement for allotment, thus, shall be as follows:


Okay. Now, in the above example, we assumed an overall over-subscription of 2.5 times and retail over-subscription of 4 times. But what happens if subscription if higher? Let's find out:

This time around, let's keep total no. of specified securities on offer (at Rs. 600 per share) unchanged at 1 crore specified securities. Specified securities on offer for Retail Individual Investors’ category therefore would be again: 35 lakh specified securities. Issuer decides to fix the minimum application / bid size as 20 specified securities (falling within the range of Rs. 10,000 - Rs. 15,000). Application can be made for a minimum of 20 specified securities and in multiples thereof

Let's now assume the issue is over subscribed 7 times whereas the Retail Individual Investors’ category is over subscribed 9.37 times.

Assume that a total of 200,000 Retail Individual Investors have applied in the issue, in varying number of bid lots i.e. between 1 – 16 bid lots (i.e. 16th lot at Rs.192,000 since the maximum application size of upto Rs.2,00,000)

Again, as per allotment procedure, the allotment to retail individual investors shall not be less than the minimum bid lot, subject to availability of shares, and the remaining available shares, if any, shall be allotted on a proportionate basis

Now since the total number of shares on offer to retail individual investors is 35,00,000 and the minimum bid lot is 20 shares, the maximum no. of investors who can be allotted this minimum bid
lot will be 1,75,000.

In other words,

• 1,75,000 Retail Investors will get the Minimum Bid Lot and  
• Remaining 25,000 retail applicants will not get allotment

The allotment in this case will be as follows:

The Basis of Allocation to the Retail Individual Investors, who have Bid at cut-off or at the Issue Price of Rs.135/- per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 2.6594 times. The total number of Equity Shares Allotted in Retail Individual Investor category is 2,951,266 Equity Shares to 8124 successful applicants. The category-wise details of the Basis of Allotment are (sample) as under: