Mumbai, September 08, 2021: Sansera Engineering Limited (the “Company”), an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors, plans to open its Initial Public Offering (the “Offer”) on September 14, 2021.
The Price Band of the Offer has been fixed at ₹734 to ₹744 per Equity Share of face of ₹ 2 each. A discount of ₹ 36 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion. Bids can be made for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.
The Offer consists of up to 17,244,328 equity shares of face value of ₹2 each (“Equity Shares”) of Sansera Engineering Limitedthrough an offer for sale of up to 17,244,328 Equity Shares by the Selling Shareholders (as defined below), comprising up to 8,635,408 Equity Shares by Client Ebene Limited (“CEL”), up to 4,836,723 Equity Shares by CVCIGP II Employee Ebene Limited (together with CEL, the “Investor Selling Shareholders”), up to 2,058,069 Equity Shares by SubramoniaSekharVasan, up to 571,376 Equity Shares by Unni Rajagopal Kothenath, up to 571,376 Equity Shares by FatherajSinghvi* and up to 571,376 Equity Shares by DevappaDevaraj (collectively, the “Promoter Selling Shareholders” and together with Investor Selling Shareholders, the “Selling Shareholders”). The Offer includes a reservation aggregating up to ₹ 90 million for purchase by Eligible Employees (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”.
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 Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that the Company with the consent of the Investor Selling Shareholders in consultation with the BRLMs and Promoter Selling Shareholders may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. 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. 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 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 QIB Bidders (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 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 RIBs in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price (net of Retail Discount, if any). Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids 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 providing details of their respective bank account (including UPI ID for RIBs using UPI Mechanism), in which the corresponding Bid Amounts will be blocked by the SCSBs or the Sponsor Bank, as applicable. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” on page 344 of the Company’s Red Herring Prospectus dated September 6, 2021 (the “Red Herring Prospectus”).
ICICI Securities Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited (collectively, the “BRLMs”) are the book running lead managers to the Offer.
The Equity Shares are proposed to be listed on BSE and NSE.
* FatherajSinghvi is acting in trust for the offer for sale of up to 61,221 Equity Shares by LalithaSinghvi, up to 62,031 Equity Shares by Praveen Singhvi, up to 62,031 Equity Shares by LataSinghvi, up to 62,031 Equity Shares by JayarajSinghvi, up to 62,031 Equity Shares by Tara Singhvi and up to 62,031 Equity Shares by Indira Singhvi (collectively, the “Singhvi Family Shareholders”). For details, see “The Offer” and “Capital Structure” on pages 54 and 68, respectively, of the Red Herring Prospectus.
Capitalised terms not defined herein have the meaning given to such terms in the Red Herring Prospectus.
