financial regulations - i p o

8/7/2019 Financial Regulations - I P O

1/45

IPO Book Building

PRESENTATION

on

IPOs Through Book

BuildingRegulatory Frame work and

Case studies

(Part II)


2/45

SEBI Registered intermediariesMarket Intermediaries As on 31st March 1993 1998 2006 2008 2009

Stock Exchanges (Cash Market) 21 22 22 19 20

Stock Exchanges (Derivatives) NA NA 2 2 2

Brokers (Cash Segment) 5290 9005 9339 9464 9628

Corporate Brokers (Cash Segment) NA 2976 3933 4138 4308

Sub-brokers (Cash Segment) NA 3760 23479 41081 60947

Brokers (Derivative) NA NA 1120 1414 1587

Foreign Institutional Investors 18 496 882 1303 1626

Custodians NA NA 11 15 16

Depositories NA 1 2 2 2

Depository Participants NA 52 526 653 714

Merchant Bankers 74 802 130 151 134

Bankers to an Issue NA 72 60 50 51

Underwriters NA 43 57 35 19

Debenture Trustees NA 32 32 28 30

Credit Rating Agencies NA NA 4 5 5

Venture Capital Funds NA NA 80 104 132

Foreign Venture Capital Investors NA NA 39 97 129

RTI and STA NA 334 83 76 71

Portfolio Managers 28 16 132 201 232

Mutual Funds NA 38 38 39 44

Collective Investment Schemes NA NA 0

Approved Intermediaries (Stock Lending Schemes) NA 1 3 3

NA: Not Available Source SEBI Bulletin


3/45

Resource mobilized from primary markets

Year

Total Category-wise

No. Amount Public Rights

Rs in Crs No. Amount No. Amount

Public Rs Crs Rights Rs Crs

1993-94 1143 24372 773 15449 370 8923

1995-96 1725 20804 1426 14240 299 6564

1999-00 93 7817 65 6257 28 1560

2002-03 26 4070 14 3639 12 431

2003-04 57 23272 35 22265 22 1007

2004-05 60 28256 34 24640 26 3616

2005-06 139 27382 103 23294 36 4088

2006-07 124 33508 85 29797 39 3711

2007-08 124 87029 92 54511 32 32518

2008-09 46 14719 21 2082 25 12637

Source SEBI Bulletin


4/45

Size wise classification

Year Total < 5 cr.>5 cr 50cr 100 cr.

No. Rs No. Rs No. Rs No. Rs No. Rs

1995-96 1725 20804 1066 3183 593 6177 43 2934 23 8511

2002-03 26 4070 2 6 11 263 0 0 13 3801

2003-04 57 23272 6 16 21 366 5 351 25 22539

2004-05 60 28256 2 3 22 505 11 723 25 27025

2005-06 139 27382 6 20 51 1377 33 2189 49 23815

2006-07 124 33508 3 10 46 1174 31 2386 44 29938

2007-08 124 87029 4 16 34 926 25 1669 61 84418

2008-09 46 14720 1 3 22 516 9 1222 14 12978

Source SEBI Bulletin


5/45

Regulatory Considerations for Issuers coming out with IPOs

Companies seeking a listing must adhere to the SEBI (DIP) Guidelines, SCRA Rules

and the listing requirements/policies of the stock exchange they wish to list on

FDI/FIIFDI/FII

policypolicyListingListingRegulatory Considerations

SEBI (DIP)

Guidelines/SCRA

Rules

Exchange

Requirements/

Policies

Either


6/45

Indian Public offerings Listing on the Bourses

Eligibility Considerations

Company with :Profitability track record for 3 out of 5 years

Networth of minimum Rs. 1 crores in each preceding 3 years

Net tangible assets of at least Rs.3 crores in each preceding 3 years

Issue Size >5 times preIssue Size >5 times pre--issueissue

networthnetworth

Bookbuilt IPO with atBookbuilt IPO with at

least 50% allocation toleast 50% allocation to

QIBsQIBs

Fixed Price IPOFixed Price IPO

OROR

Bookbuilt IPOBookbuilt IPO

Bookbuilt IPO with at least 50% allocation to QIBs

Minimum post issue face value of capital is Rs.10 Cr

At least 50% participation by FIs / Banks of which at

least 10% is from appraiser(s)

Minimum post-issue face value of capital is Rs.10 Cr

OROR

NONOYESYES

YESYES NONO

Conditions laid down by SEBI

Partnership firms or companies formed out of division of an existing company : Eligibility needs to be considered on the

accounts recast as per Schedule VI of the Companies Act 1956

No outstanding Warrants or Financial Instruments with option to convert into equity shares at a later date, except ESOPs;

No company shall make a public or rights issue unless partly paid shares are made fully paid up or forfeited;

Means of finance other than issue to be firmed up to the extent of 75% of the same;


7/45

Eligibility Criteria - Exemptions

Banking company set up under sub-section (c) of Section 5 of theBanking Regulation Act, 1949 and which has received license

from the Reserve Bank of India,

OR

Under the Banking Companies (Acquisition and Transfer of

Undertaking) Act, 1970 Banking Companies (Acquisition and Transfer

ofUndertaking) Act, 1980, State Bank of India Act 1955 and State

Bank of India (Subsidiary Banks) Act, 1959

Infrastructure company (exempt from Rule 19(2)b also)

Whose project has been appraised by a Public Financial Institution or

Infrastructure Development Finance Corporation (IDFC) or

Infrastructure Leasing and Financing Services Ltd. (IL&FS) and

Not less than 5% of the project cost is financed by FI/IDFC/ILFS, by

way of loan or subscription to equity or a combination of both.

Rights issue by a listed company (exempt from Rule 19(2)b also)


8/45

Net Offer to the publicNet Offer to the publicAt least 25% of the post issue equity , excluding reservation/firm allotmentsAt least 25% of the post issue equity , excluding reservation/firm allotments

Net Offer to the publicNet Offer to the publicAt least 25% of the post issue equity , excluding reservation/firm allotmentsAt least 25% of the post issue equity , excluding reservation/firm allotments

At least 10% of the post issue equity is to be

offered to the public

At least two million securities are offered to

the public (excluding reservation, firm

allotment and promoters contribution)

The size of the net offer to the public is at

least Rs. 1,000 mn

The offering is to be through book

building with minimum 60%

allocation to QIBs

Companies providing Infrastructure

facility

Government Companies, with

specific exemption from SEBI

ExceptionException

SEBISEBI SCRASCRA

Indian Public offerings Listing on the Bourses

Minimum Offer Size

Conditions Laid Down by SEBI

NoNo


9/45

A

llocation BucketsNet Offer to the publicNet Offer to the public

At least 25% of the post issue equity , excluding reservation/firm allotmentsAt least 25% of the post issue equity , excluding reservation/firm allotmentsNet Offer to the publicNet Offer to the public

At least 25% of the post issue equity , excluding reservation/firm allotmentsAt least 25% of the post issue equity , excluding reservation/firm allotments

NoNo

SEBISEBI

SCRASCRA

At least 50% to the QIBs

Not less than 35% to RetailInvestors

Not less than 15% to Non

Institutional Investors

YesYes

At least 60% to the QIBs

Not less than 30% to Retail Investors

Not less than 10% to Non Institutional

Investors

Indian Public Offerings Listing on the Bourses


10/45

Other Regulations for compliance

FDI PolicyFDI Policy

RBI/FEMARBI/FEMA

Sector specificSector specific

regulatorsregulators

Cap on foreign holding for Print Media, Broadcasting companies

FDI restricted in retail sector

FDI restricted in real estate sector

Restriction on holding in Banking Sector

Offer for sale requires FIPB/RBI permission

FII limits and Sub-account limits

Monitoring of FDI/FII limits on the secondary market

Information & Broadcasting ministry

Telecom

Insurance


11/45


Promoter Contribution

IneligibilityIneligibility

for Promoterfor Promoter

ContributionContribution

Following securities during the preceding 3 years

Acquired for consideration other than cash

Out ofBonus issue, out of revaluation reserves or reserves without accrual of cashresources

Shares acquired in preceding one year at a price lower than the Offer price

Exception made to shares acquired pursuant to scheme of merger

Pledged shares (ref 30th April 2007)

PromoterPromoter

Promoter includes person or persons :

Who are in over-all control of the company OR named in prospectus as

promoters;

Who are instrumental in the formulation of a plan or program pursuant

to which the securities are offered to the public

PromoterPromoter


Promoters shareholding not to be less than 20% of the post issue capital

In case of a shortfall, promoter to bring in full amount of promoters contribution

atleast one day prior to the issue opening date at the IPO valuation

Listed Companies, exempted, if having a track record of 3 year profitability

Participation in excess of 20% will attract preferential pricing


12/45


Lockup Provisions

Minimum promoter contribution to be locked in for period of three year

Excess promoter contribution to be locked in for a period of one year

Shortfall in firm allotment subscribed by the promoters to be locked in for a

period of one year

Inter-se transfer of shares among promoters or pre issue holders subject

to continuation of residual lock-in period

PromoterPromoter


OthersOthers

Relaxation ofRelaxation of

lock inlock inconditionsconditions

Pre issue capital locked in for a period of 1 years

Except

Held by SEBI registered Venture Funds for period of one year

Held for a period of one year at the time of filing of the prospectus

with SEBI and Offered for sale

Held by employees issued under a SEBI compliant ESOP scheme


13/45

BOOK BUILDINGBOOK BUILDING

(Regulatory Framework)(Regulatory Framework)

1414thth Aug 2003Aug 2003

2828thth May 2004May 2004

2929thth March 2005March 2005 1919thth Sept 2005Sept 2005

2222ndnd January 2006January 2006

3030thth April 2007April 2007

2929thth November 2007November 2007 2424thth Feb 2009Feb 2009

99thth July 2009July 2009


14/45

CONCEPT OF GREEN SHOE OPTION

SIMPLE THEORY OF ECONOMICS

OVER ALLOTMENT OF SHARES

APPROVAL OF SHAREHOLDERS

MONEY RECEIVED THROUGH THISPROCESS USED FOR STABILISATION

ADDITIONAL ALLOTMENT UPTO 15% OFISSUE SIZE

LENDING BY PROMOTERS

STABILIZING AGENT (SA) BRLM


15/45


DISCLOSURES IN OFFER DOCUMENT

GSO BANK AND DEMAT ACCOUNT

SA CAN ONLY BUY IF MARKET PRICEIS BELOW ISSUE PRICE

SA CANNOT SELL SINGLE SHARE

CANNOT BUY BEYOND OVER

ALLOTMENT


16/45


ADDITIONAL ALLOTMENT IN CASEOF SHORTFALL

BALANCE TRANSFERRED TO IPF OFSE

AVAILABLE FOR 30 DAYS ONLY

CALLED SO AFTER A COMPANYNAMED GS ADOPTED THIS CONCEPTIN ITS IPO


17/45

Green shoe option

XYZ Limited

Existing capital by Mr.A - 300 lakh shares

Issue Size - 200 lakh shares

GSO (15%) - 30 lakh shares

Shares lent by Mr.A - 30 lakh shares

XYZ Limited

Existing capital by Mr.A - 300 lakh shares

Issue Size - 200 lakh shares

GSO (15%) - 30 lakh shares

Shares lent by Mr.A - 30 lakh shares

Promoter holding on IPO - 270 lakh shares

Public holding - 230 lakh shares

Issue price - Rs.100/share

Promoter/Lender - Mr. A

GSO Bank A/c. - Rs.30 Crores

Promoter holding on IPO - 270 lakh shares

Public holding - 230 lakh shares

Issue price - Rs.100/share

Promoter/Lender - Mr. A

GSO Bank A/c. - Rs.30 Crores


18/45

SITUATIONS EMERGING AT THE END OF 30 DAYS

GSO BANK A/C GSO DEMAT A/C ACTION TO FOLLOW POSTISSUECAPITAL

%OFPROMOTORHOLDING

1 Rs.30 Crores NIL Transfer 30 Cr. To XYZ Ltd. Co.to allott 30 lakh shares to Mr. A

530 lakhshares

300/530=57%

2 Rs.30 Cr.-Rs.27 Cr = Rs.3Cr. To IPF

30 lakh shares @Rs.90/share

Transfer 30 lakh shares to Mr.A

500 lakhshares

300/500 =60%

3 30Cr.-9Cr. = 21 Cr. 21-20= 1 Cr. To IPF

10 lakh shares @Rs.90/ shares

Transfer 10 lakh shares to Mr.A. Transfer Rs.20 Cr. To XYZLtd. XYZ Ltd. To allot 20 lakhshares to Mr.A

520 lakhshares

300/520 =58%


19/45

What is ASBA? 30th July 2008

ASBA is an application forsubscribing to an issue

containing an authorisation toblock the application money ina bank account

APPLICATIONS SUPPORTED BY

BLOCKED ACCOUNTS


20/45

Eligible investors

Resident Retail IndividualInvestors (INV RET)

Bidding at cut off with singleoption

Foregoes option to revise bid

Not under any reserved

categories


21/45

ASBA ADVANTAGES

No Cheque to be issued and hence noclearing

Money lies in the a/c and earns interest Lien marked only to the extent of the

bid amount Money to be appropriated only on

allotment of shares

No physical refund involved No choking of the system Lesser movement of documents


22/45

RESTRICTION ON SPLITTING PRE IPO

FACE VALUE Rs.10/- FOR ISSUE PRICE BELOW Rs.500/-

MINIMUM APPLICATION VALUE Rs.5,000/- TO Rs.7,000/-

FLEXIBILITY TO ISSUER FOR DETERMINING MINIMUM

APPLICATION LOT

ALLOTMENT ON PROPORTIONATE BASIS ROUNDED OF TONEAREST INTEGER

FACE VALUE IN RELATION TO ISSUE PRICE (RISKFACTOR)

GSO FOR ALL ISSUES

LENDING BY ANYONE HOLDING 5% OR MORE

BOOK BUILDING GUIDELINES DATED 28th May 2004


23/45

BOOK BUILDING GUIDELINESDATED 29th March 2005

ENHANCING ALLOCATION FOR RETAILCATEGORY

25 TO 35% RETAIL

25 TO 15% HNI

50% QIB

DEFINITION OF RETAIL INVESTOR FROM50K TO 100K

BIDDING PERIOD REDUCED FROM 5 TO 10DAY TO 3 TO 7 DAYS

FOR LISTED COMPANIES ONE DAYBEFORE BIDS OPEN


24/45

BOOK BUILDING GUIDELINES DATED 30th April 2007

Processing of draft offer documents

Observations within 30 days

15 days of receipt of satisfactory reply

In principle approval from all SEs

Comments on reference made to otheragencies

Grading of IPOs

By the agencies registered with SEBI


25/45

Guidelines for preferential allotment

Pricing presupposes 6 months listing history

Less than 6 months complying with modified pricing anddisclosure norms

Guidelines for QIPs

1 year listing history Notice u/s 81 (1A)

Eligibility of pledged shares for computation ofminimum promoters contribution

Collateral security not eligible for computation ofminimum promoters contribution

BOOK BUILDING GUIDELINES DATED 30th April 2007


26/45

24th February 2009 Enhancing validity period of SEBI observations 3 to 12 Months

Reducing time lines for Bonus Issues

Announcement of price band for IPO 2 working days prior toissue opening.

9th July 2009 Shares being allotted on conversion of CD DR etc to be

considered for promoters eligibility and lock in

Introduction of Anchor Investors

AI shall be QIBs

Minimum size 10 crores

One third for MF

Bidding to open 1 day before Issue opens

Allocation on discretionary basis (Min 2 for 250 crores & Min 5for more than 250 Crores

Info on public domain

Margin money of at least 25 % balance within 2 days of closure

BOOK BUILDING GUIDELINES Other important notifications


27/45

9th July 2009 ( Continued ) Introduction of Anchor Investors

Bidding to open 1 day before Issue opens

Allocation on discretionary basis (Min 2 for 250crores & Min 5 for more than 250 Crores

Info on public domain

Margin money of at least 25 % balance within 2days of closure

If issued at lower price to pay the difference

If IPO price less than AI price no refund

Lock in for 30 days from date of Allotment

Related to BRLM disallowed to apply as AI Discretion with identified parameters available

for inspection by SEBI

AI can also apply in Public Issue in the QIBportion and such applications will not beconsidered as multiples.

BOOK BUILDING GUIDELINES Other important notifications


28/45

BOOK BUILDINGBOOK BUILDING

IPO GRADING &IPO GRADING &

UNDERWRITINGUNDERWRITING


29/45

Underwriting

Hard Underwriting Underwriter agrees to buy his commitment at its earliest

stage

Guarantees a fixed amount to the issuer from the issue

If the shares are not subscribed by investors, the issue isdevolved on underwriters and they have to bring in theamount by subscribing to the shares

Soft Underwriting Underwriter agrees to buy the shares at later stages as soon

as the pricing process is complete

Subsequently, he places those shares with InstitutionalInvestors

Also holds an option to invoke a force majeure (acts of God)clause In case there are certain factors beyond the control that can

affect the underwriter's ability to place the shares with the buyers

UNDERWRITING = INSURANCE


30/45

Underwriting Conditions

Compulsory for Book Built Issue forNet Offer to the Public

Not compulsory for Fixed PriceIssue

Minimum 5% orRs.25 Lacs whichever is Less

20 times the Net worth ofthe Underwriter

BRLM to enter into Underwriting Agreement with Issuing

Company

Syndicate Memberto enter into Agreement with BRLMs


31/45

BluPlast Industries (June 2006)

Fixed Price Issue Rs.10/- plus Rs. 22/- (1.1 Crore

shares)

Issue Opened on Monday, June 5, 2006

Issue Closed on Friday, June 9, 2006 Not Underwritten

Forthwith Refund the application money ifMinimum

Subscription not received (Clause 6.33.20 and

6.33.21)

Backgroundofthe Case

CriticalIssues

Underwriting is Not Compulsory in Fixed Price Issue (Clause 8.11.1)

Should Issue Company Underwrite?

Yes. It acts as Insurance

Extension of Time upto Twenty One Days


32/45

Emaar MGF (Feb 2008)

Book Built Issue (Grade 4/5 by CARE)

Bid Opening Date Friday, February 1, 2008

Bid Closing Date Wednesday, February 6, 2008

Bid Closing Date Extended Monday, February 11, 2008

Withdrawal on Friday, 8 February 2008 Offer to Public - 10.4%

Original Price Band: Rs. 610/- to Rs. 690/-

First Revision : Rs. 540/- to Rs. 630/-

Second Revision: Rs. 530/- to Rs. 630/-

Issue Size Rs. 7,077 Crs (Higher End of Price Band) Revised Issue Size Rs. 5,436 Crs (Lower End of Price Band)



33/45

Emaar MGF (Feb 2008)

Book Built Issues Compulsory Underwriting (Clause11.3.3)

Pre-IPO Placement 1.5% (Circular dated March 31,2006)

Extension of Time 3 Days (Max of 13 Days)

Maximum Revision in Price + 20% w.r.t. Floor Price(11.3.1.(viii)(b))

Revision in Price Band 13.12% (w.r.t. Floor Price)

Rule 19(2)(b) of SCRR, Minimum 60% allotment toQIBs

CriticalIssues


34/45

Wockhardt Hospitals (Jan 2008)

Book Built Issue (Grading 4/5 by FITCH)

Bid Opening Date Thursday, January 31, 2008

Bid Closing Date Tuesday, February 5, 2008

Bid Closing date Extended

Thursday, February 7, 2008 Issue Withdrawn on - Thursday, February 7, 2008 due to

poor response to Issue

Original Price Band Rs. 280/- to Rs. 310/-

Revised Price Band Rs. 225/- to Rs. 260/- (On

January 30, 2008, before Issue opening) Lot Size 20??????



35/45

Compulsory Underwriting

Provision of Pre-IPO placement in RHP, but no placementdone before issue

Extension of Time Two Days (Before the Date of Openingof the Bids)

Revision in Price + 20% w.r.t. Floor Price (Clause 11.3.1(viii)(b))

Revision in Price Band 19.64% (w.r.t. Floor Price)

50% allocation to QIBs

CriticalIssues

Wockhardt Hospitals (Jan 2008)


36/45

Deccan Aviation (May 2006)

Book Built Issue for 2. 45 Crs shares

Bid Opening Date Thursday, May 2006

Bid Closing Date Tuesday, 23, 2008

Price Band ofRs. 150/- to Rs. 175/- per share

First Indian IPO to ever get extended

Meant to close on May 23, 2006 but the date wasextended till May 26, 2006

Price band was also changed Marginally to Rs. 146/-to Rs. 175/- per share

Deccan Aviation IPO had been Subscribed 1.23 on closure(May 26, 2006)



37/45

Deccan Aviation (May 2006)

Revision in Price

Extension of Time Friday, May 26,

2006 (Three Days)

Does it mean that the Issuer Companycannot extend the Time if there is NoRevision ?

End Result Issue was Subscribed

CriticalIssues


38/45

IPO Grading (Unlisted Companies)

IPO Grading Compulsory from May 1, 2007 Five-point point scale Higher score indicating stronger Fundamentals and vice versa All the grades to be disclosed Activity to run parallel to the filing of draft offer document

Price of the IPO not taken into account for Grading

IPO Grade : Price Matrix

High Grade

High Price

High Grade

Low Price

Low Grade

High Price

Low Grade

Low Price

First IPO Grading

CRISIL

Kiri Dyes and Chemicals Ltd

2/5

(Subscription 1.3 times)

ICRA

SRS Entertainment 2/5


39/45

IPO Grading (Unlisted Companies)

Business Prospects and Competitive Position

Industry Prospects

Company Prospects

Financial Position

Management Quality Corporate Governance Practices

Compliance and Litigation History

New Projects Risks and Prospects

Key Componentsof Investment Decision

Fundamental

Analysis

Returns

AnalysisInvestor

Preference

Factors ConsideredforIPO Grading


40/45

IPO GRADING

Was grading not a factorin investors' decisionmaking process?

Or the bullish secondarymarket conditions willalways overweigh?

Good to remember thatIPOs can be floated only inbuoyant markets. Even thebest issues will not sell ina bear market


41/45

IPO GRADING

It is being assumed bymost that IPO gradingis a perfect and anobjective process.

If it was, there are noproblems. In reality, itappears to be a hugelysubjective and animperfect process.


42/45

TIME LINES

FOR AN

I P O


43/45

Proposed timeline (post issue)

o

t i

i t

e s p o n s i i l i t

o

s

o o Cl o s e s

!

" # s$

%

& i n'

l i s e C(

) s " # s!

"'

0 1

e r$

+

2

s s u e P r i3

i n4

!

" # s$

+5

5

u 6 m i s s i o n o7

'

l l7

o r m s t o t 8 e '

n e r 61

1

n d i3 '

t e " # s$

+%

9

'

n e r s t o 8'

n d o@

e r A A B o7

t 8 e i d7

o r m s t o e4

i s t r '

r '

n e r s$

+2

C n d e r 0

r i t i n4

(

4

r e e m e n t

i4

n e d

!

" # s$

+5

D P u 6 l i s 8

t'

t u t o r 1

(

d@

e r t i s e m e n t ( s s u e P r i3

e(

E )

!

" # s!

(

d(

4

e n3 1

$

+ C

F

'

n e r s t o P r o@

i d e P r o@

i s i o n'

l Ce r t i7

i3 '

t e 61

C p m '

n e r s$

+5

G

& i l e d u l1

u p d'

t e d P r o s p e3

t u s s i4

n e d 61

t 8 e o'

r d o7

d i r e3

t o r s'

l o n4

0

i t 8 t 8 e ! (

0

i t 8 H C

$

+ C

A Co m p l e t e t 8 e7

o r m'

l i t i e s7

o r p'

1

m e n t o7

s t'

m p d u t1

i n

r e l'

t io n t o t 8 e s 8'

r e s t o 6 e i s s u e d

!

e4

i s t r '

r s$

+ D

& i l e P r o s p e3

t u s & n d e r 0

r i t i n4

' 4

r e e m e n t0

i t 8

" # s$

+ C

%

u 6 m i t t 8 r e e d'

1

r e p o r t t o

!

" # s!

e4

i s t r '

r

$

+ 9

2

H 6 t'

i n o C(

p p r o@

'

l

$

+ D

5

& i n'

l Ce r t i7

i3 '

t e7

r o m '

n e r s'

l o n4

0

i t 8 3

8 e I u e r e t u r n

s u m m'

r1

" # s!

e4

i s t r '

r!

!

'

n e r s

$

+ C

9 e4

i s t r '

r t o3

o m p l e t e E'

t'

e n t r 1

e4

i s t r '

r$

+ D

C

e3

r e t'

r i'

l t e'

m 's m e e t i n4

0

i t 8

!

)

!

" # s!

e4

i s t r '

r!

t o3

$

+ D

D Co n7

e r e n3

e3 '

l l0

i t 8 '

n e r s o n e7

u n d m o d'

l i t i e s

!

" # s!

e4

i s t r '

r

$

+ D

F

e I u e s t

7

o r'

r r'

n4

i n4

d r'

0

l o7

l o t s 61

p u 6 l i3

r e p r e s e n t'

t i@

e

" # s!

e4

i s t r '

r!

t o3

P

3

8

'

n4

e s

$

+F

G

e4

i s t r '

r t o3

o m p l e t e r e3

o n3

i l i'

t i o n '

n e r s!

e4

i s t r '

r$

+G

%

A e4

i s t r '

r d r'

0

s t 8 e '

s i s o7

(

l l o3 '

t i o n

!

" # s$

+ %


44/45

Proposed timeline (post issue)Q R S o

T

U t iV

i tW

X e s p o n s i Y i l i tW

S o a

b c

W

sd

e fu

gm i t

g hs i s o

i

h

l l op h

t io n t of

t op q

r

s

p t hn

ue

i

o r

hp p r o

v

hl

wo r n i n

u

e

d

n o o n

x f f y r

w

s

e

ui s t r

hr

f

t op q

e

d

d d

h s i s oi

l l o p h t i o n h p p r ov

e d g

t t e f t o p q rs

p t h n u e s

ev

e n i n u

x f f y r

w s

e u i s t r h r

ed

d

e s i

un

ht e d d

ht e

x f f y r

w

s

e

d

xn s t r u

pt io n s t o

rs

pr o

g h

nq

s t o t r h

n si

e ri

u n d s t o

P ug

l ip

x

s s u eh

n d

ei

u n dh p p

o u n t

w s

eu

i s t r h

r

h

nq

e r

e e

hm

(

e

)d

rh

n si

e r oi

i

u n d si

r o mr

sp

r o

t o P ug

l ip

oi i

e rh

p hn

qe r

e

d

n o o n

(

e )

d

o m m i t t e e

hp p r o

v

hl

o

h

p p r ov

hl

i

o rh

d o p t i nu

tt

e

g h s i s oi

h l l o t m e n t

x f f y r e

d

p m

(

e )d

i s p

ht

p tn o t i

pe t o r e t

hi l i n

v

e s t o r si

o rg h

lh

np

e ph

m e n t

eu

i s t r h

re

d

p m

(

e )

d

l o s i nu

h

t e

r ep

e iv

eh

l l tt

e r e

u i r e dp

e r t ii

ip h

t i o n sh

n d

o p i n i o n s

x f f y r

w

s

u d i t o r

eu h

l

d

p m

(

e )

d

l l o t m e n t o

i

f t h

r e s

o r p o r h

t e

p

t i o ng

eu

i s n s

i

i r s t x

s t og

ep

o m p l e t e d o n sh

m e dh

x

eu

i s t r h

r

w

s

P s

d

p m(

e )

o m p l e t e

o r p o r

ht e

pt i o n

i

o rh

l lp h

t eu

o r i e s oi

i nv

e s t o r s

x

e

ui s t r

hr

w

s

P s

e

hm

(

e

)

e

u d i t o r s t op

e r t ii

tt h

t tt

e

l l o t m e n tt h

sg

e e n d o n e o n

tt

eg h

s i sh

p p r ov

e dg

s t o op q

es

p t hn

ue

x f f y r

u d i t o r se

h

m

(

e

)

d

fu

gm i t

hl l

hl l o t m e n t

hn d l i s t i n

ud o

pu m e n t s t o t

te

e s iu

nh

t e df r

x f f y r

w

s

eu

i s t r h

r

f

t op q

e e

hm

(

e

)

f u g m i t o r p o r h t e

p t io n r e p o r ti

r o m t t e P s h n d t t e

u d i t o r sp

e r t ii

ip h

t eh

n d d i s ph

tp t

p

e r t ii

ip h

t e t of r

x f f y r

w s

e

ui s t r

hr

f

t op q

e

d

n o o n

(

e

)

e t

hi l

o n

xn s t i t u t i o n

hl

x

s

hn d r e

i

u n d s

d i s ph

tp t

p

o m p l e t e d

e

ui s t r

hr

d

p m

(

e

)

fu

gm i t t

te

hl l o t m e n t d e t

hi l s t o

f r

hn d

f r

hn d

po m p l e t e

hl l d o

pu m e n t

ht i o n

i

o r l i s t i nu

t rh

d i nu

x f f y r

w

s

e

ui s t r

hr

d

p m

(

e

)

e

pe i

v

e l i s t i nu

h

p p r ov

hl

ft o

p q

r

s

p t hn

ue s

p m

(

e

)

e

pe i

v

e n o t ip

e oi

t rh

d i nu

f

t op q

r

s

p t hn

ue s

p m

(

e

)

h s i s o

i

l l o t m e n th

dv

e r t i s e m e n tx f f y r

e

i s t i n

uo

i

r

u i t

f t h

r e s

e

fu

gm i t

d

h

r e p o r t w

s

eu

i s t r h

r


45/45

THANK YOUTHANK YOU

financial regulations - i p o

Documents