Bookbuilding IPO | ₹1,639 Cr | Listed at BSE, NSE | Tue, Feb 19, 2008 - Fri, Feb 22, 2008
REC IPO is a book build issue of ₹1,639.26 crores. The issue is a combination of fresh issue of 7.81 crore shares aggregating to ₹819.63 crores and offer for sale of 7.81 crore shares aggregating to ₹819.63 crores.
REC IPO bidding started from Feb 19, 2008 and ended on Feb 22, 2008. The shares got listed on BSE, NSE on Mar 12, 2008.
REC IPO price band is set at ₹105 per share. The lot size for an application is 60. The minimum amount of investment required by an retail is ₹6,300 (60 shares) (based on upper price). The lot size investment for sNII is 32 lots (1,920 shares), amounting to ₹2,01,600, and for bNII, it is 159 lots (9,540 shares), amounting to ₹10,01,700.
The issue includes a reservation of up to 39,03,000 shares for employees offered at a discount of ₹0.00 to the issue price.
ICICI Securities Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to REC IPO RHP for detailed Information.
IPO Open
Tue, Feb 19, 2008
IPO Close
Fri, Feb 22, 2008
Issue Price
₹105 per share
Market Cap (Pre-IPO)
₹9,015.93 Cr
| IPO Date | 19 to 22 Feb, 2008 |
| Listed on | Wed, Mar 12, 2008 |
| Face Value | ₹10 per share |
| Price Band | ₹90 to ₹105 |
| Issue Price | ₹105 per share |
| Lot Size | 60 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 15,61,20,000 shares (agg. up to ₹1,639 Cr) |
| Fresh Issue | 7,80,60,000 shares (agg. up to ₹820 Cr) |
| Offer for Sale | 7,80,60,000 shares of ₹10 (agg. up to ₹820 Cr) |
| Share Holding Pre Issue | 78,06,00,000 shares |
| Share Holding Post Issue | 85,86,60,000 shares |
| BSE Script Code / NSE Symbol | 532955 / RECLTD |
| ISIN | INE020B01018 |
REC IPO comprises a total issue size of 15,61,20,000 shares. The net offer to the public is 15,22,17,000 shares, after excluding 39,03,000 shares under a preferential allotment. Of the Net offer 9,13,30,200 (60.00%) are allocated to QIB, 1,52,21,700 (10.00%) allocated to NII 4,56,65,100 (30.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 9,13,30,200 | 60.00% | 58.50% | NA |
| NII (HNI) Shares Offered | 1,52,21,700 | 10.00% | 9.75% | NA |
| Retail Shares Offered | 4,56,65,100 | 30.00% | 29.25% | 7,61,085 |
| Preferential Reservations | ||||
| Employee Shares Offered | 39,03,000 | 2.50% | NA | |
| Total Shares Offered | 15,61,20,000 | 100.00% | 100.00% | |
Investors can bid for a minimum of 60 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 60 | ₹6,300 |
| Retail (Max) | 31 | 1,860 | ₹1,95,300 |
| S-HNI (Min) | 32 | 1,920 | ₹2,01,600 |
| S-HNI (Max) | 158 | 9,480 | ₹9,95,400 |
| B-HNI (Min) | 159 | 9,540 | ₹10,01,700 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1969, Rural Electrification Corporation Limited (REC) is one of the leading public financial institutions in Indian power infrastructure. They are engaged in the financing and promotion of transmission, distribution and generation projects throughout India.
REC provides funding to their clients and assist them in formulating and implementing various types of power project-related schemes. Clients include public sector power utilities at the central and state levels and private sector power utilities. Additionally, they fund power projects for their joint sector clients. Their financial products primarily include long-term loans, short-term loans, bridge loans and debt refinancing.
REC currently administer grants and provide loans as the nodal agency for the RGGVY, which is primarily aimed at the electrification of all villages in India. REC provides loan assistance to SEBs/State Power Utilities for investments in rural electrification schemes through its Corporate Office located at New Delhi and 17 field units (Project Offices), which are located in most of the States.
The GoI has rated their performance as “Excellent” continuously from Fiscal 1994 through Fiscal 2006. They have also been ranked among the top ten public sector undertakings in India by the Ministry of Heavy Industries and Public Enterprises for Fiscal 2000, Fiscal 2002 and Fiscal 2005.
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Augment its capital base to meet the future capital requirements arising out of growth in the business and for other general corporate purposes | 783.83 |
| 2 | Estimated Issue expenses | 35.80 |
| KPI | |
|---|---|
| RoNW | 21.08% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 100% | 81.82% |
| Market Cap | ₹9,015.93 Cr. |
The REC IPO is subscribed 27.76 times on February 22, 2008 5:00:00 PM (Day 4). The public issue subscribed 7.68 times in the retail category, 39.3 times in the QIB category, and 27.12 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹105.00 | ₹105.00 |
| Open | ₹125.00 | ₹129.90 |
| Low | ₹118.85 | ₹118.75 |
| High | ₹128.40 | ₹129.90 |
| Last Trade | ₹121.20 | ₹121.30 |
REC IPO is a main-board IPO of 15,61,20,000 equity shares of the face value of ₹10 aggregating up to ₹1,639 Crores. The issue is priced at ₹105 per share. The minimum order quantity is 60.
The IPO opens on Tue, Feb 19, 2008, and closes on Fri, Feb 22, 2008.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in REC IPO using UPI as a payment gateway. Zerodha customers can apply in REC IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in REC IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The REC IPO opens on Tue, Feb 19, 2008 and closes on Fri, Feb 22, 2008.
REC IPO lot size is 60, and the minimum amount required for application is ₹6,300.
You can apply in REC IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for REC IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the REC IPO allotment status.
The REC IPO listing date is on Wed, Mar 12, 2008.
