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2 Board Approval for IPO 3 Presentation by LMs 4 Appointment Of LMs 5 Final and signed auditors report received for draft RHP without / with consolidation 6 Filing of draft RHP with SEBI Alongwith Due diligence, without consolidated A\cs 7 Receive comments from SEBI on Draft Red Herring Prospectus 8 File Red Herring Prospectus with the RoC 9 Clearance of ROC 10 Commence road shows 11 Book Opening
*Subject to the approval of SEBI for Filing of RHP without consolidated accounts . **Subject to the market condition and advice of the Lead Managers
COMPRESSED DATE 11.02.2004 31.03.2004 14.04.04- 16.04.04 20.04.2004 15.06.2004 18.06.2004 * 09.07.2004 19.07.2004 21.07.2004 24.07.2004 09.08.2004**
/BRLMs Co.04 19.05.04 14.04 28. 7 Due Diligence Check list Received from LA 8 Presentation of Business plan by Co.05.04 14.05.04. Mgt.04 30.04 11.05.04 .04.05.04-27.04 30.02.05.05.05.04 14./BRLMs Co.05.05.05.04-27.04 18.04 19.04 14.04 25.05.04 17.04 31.04 17.05.04 14.16.05.04 14.04.04 20.04 14.4-20.04 19.05./LA LM LA LA LA/LM Co.04 28.02./LA LA 11.05.04 25.04.05.05.05.04 14.4-20.05.05.03.05.04 31.05.04 14.05.04 18.03. To LM 9 Commencement of Due Diligence in Data Room 10 Check list/Questionnaire for Research analyst 11 Advertising Guidelines 12 Research Guidelines 13 First Draft of RHP(Cravath) 14 Completion of Due diligence in Data Room 15 Due Diligence Report Co.05.05.05.05.04 14.04.04 20.04.04 19.16.ACTIVITY TIME SCHEDULE FOR INITIAL PUBLIC OFFERING RESPONSIBILITY COMPRESSED DATE* ALTERNATE COMPRESSED DATE** Stage 1: PRE SEBI FILING 1 Receipt of GOI Approval 2 Board Approval for IPO 3 Presentation by LMs 4 Appointment Of LMs 5 Appointment Of LAs 6 IPO Kick-Off Mtg./BRLMs LA/LM Co.
04 21.08.04 19.04 09.04 05.08.04 17.04 02.04 05.07.06.04 30.07.06. Co.04 09.04 02.06.07.04 29./LM Co.04 14.04 14.04 02.06. LA 02..06.04 15.04 21.04-18.06.04 28.04/19.07.04 Co.04 09.04 26.04 18.16 First Draft of RHP(Amarchand) 17 Comment on First Draft of RHPof Cravath by Company 18 Auditors give Final 2004 Audited Accounts with restatement for MD & A 19 Second Draft RHP 20 Auditors give 5 years Restated Accounts 21 Final RHP 22 Adoption of RHP by Board 23 Comfort Letter by Auditors for RHP including stub period 24 Filing RHP with SEBI alongwith Due-deligence Certificate 25 Comments by SEBI on RHP 26 Final Clearance from SEBI 27 File Red Herring Prospectus with the RoC 28 Commence road shows 29 Clearance of ROC 30 Bid Opening * Subject to SEBI Approval of filing of RHP without Consolidated Accounts * *Subject to SEBI not approving filing of RHP without Consolidated Accounts LA/LM Co.06.08.06.06.07.07.06.06.04 17.07.04 17.04 LMs .04 29.07.04 15.06.07.06.06.07.04 02.06.04/30. LMs 16.04 30.07.04 02.04 29.06.06.06.06.
LMs Company.DLC.with LMs AGM to alter Articles of Association and split and / or bonus Advertising agency presentations Appoint Registrar to the Issue Appoint advertising agency Research Analysts provide incremental information and data requirements Receive FIPB approval Application to RBI for offer for sale to NRIs/OCBs/FIIs First draft of draft RHP circulated for review by Company. LMs Company. etc. LMs Company. LMs 0 0 2 Company. LMs Company. LMs Company Registrar. LMs Company Company. Auditors. LMs Company.IPO ACTIVITY Cumulative Days Responsibility Stage 1: PRE SEBI FILING (70 days) Receipt of GOI Approval (If applicable) Board Approval for IPO Presentation by LMs Appointment Of LMs IPO Kick -off Meeting Decision on capital structure Company provides first set of information & documentation for Due diligence Commence process of due diligence and preparation of Draft Red Herring Prospectus Invite quotations from Registrars and PR/Advertising Agencies Research Analysts provide preliminary list of information and meeting requirements Send MoA and AoA to stock exchanges for prior approval Preliminary meeting with Auditors to discuss the certificates required from them Company makes application to FIPB for sale of shares to NRIs/OCBs/FIIs Appoint Legal Advisory Team .Activity chart . LMs 5 . received for the RHP Final and signed auditors report received for draft RHP All information and due diligence information and document requirements furnished by the company Business and non business due diligence complete 2 2 2 7 7 7 8 12 12 29 14 16 16 19 37 40 47 LMs Company. Company Company. LMs 22 23 28 26 26 30 26 33 37 32 37 40 Company. Syndicate Members. Auditors Company Company. BRLC DLC to commence vetting Articles of the Company Receive MoA and AoA comments from stock exchanges Company shares business plan and financials. DLC. LMs. Auditors Company Company. DLC LMs Company. LMs Company. Legal Advisors. LMs Company. LMs Company Company Company. ILC. LMs Company. LMs Company. BRLC with provisional figures Filing of RHP with provisional figures with SEBI Draft auditors report for draft RHP received for review Company accumulates information and documentation for due diligence Review of due diligence information and documents by LMs Research Analysts furnished with all their information and data requirements Sign Tripartite Agreement with NSDL and CDSL and Registrars Incremental list of due diligence information and document requirements provided to the Company PR and Ad agency provides draft communication strategy and advertisement plan Finalise communication strategy and advertisement plan All consents from LMs. LMs Company Company Company.
DLC. Syndicate and Escrow Agreements and International Wraps along with the DLC. ILC and BRLC End corporate advertising Receive SEBI comments Send incremental information and documentation requirement to Company for compliance with SEBI comments Receive updated auditors reports with latest financials Receive incremental compliance information and documents from Company for SEBI comments Bring down due diligence 71 LMs 71 77 71 72 78 83 86 86 86 Company Company. Registrar LMs LMs Company. Bankers. LMs. LMs LMs LMs Company. floppy & cheque 41 61 55 65 65 68 64 70 Company. Bankers. BRLC and LMs Cumulative Days 47 54 42 54 Responsibility LMs Company Company. LMs DLC. Ad Agency Company. DLC. Registrar.IPO ACTIVITY Research Analysts finalize draft reports and invite comments Final comments provided to Research Analysts Finalise Printers Receive comments on first draft of RHP from Company. LMs Ad Agency. File MoA and AoA if not filed earlier. Company. BRLC and LMs Receive RBI approval DLC. LMs. DLC. ILC. LMs. LMs Company Company. File initial listing application with the stock exchanges Commence discussions on the various legal agreements Finalize preliminary pre-marketing. marketing.Activity chart . ILC.for the comments & approval. Company. Auditors Company LMs LMs STAGE II: DURING SEBI FILING (43 DAYS) Send Draft Red Herring Prospectus to the Stock Exchanges where the company proposes to list the securities . MOU. Bankers and Registrars to the Issue Receive approval on the Draft Red Herring Prospectus from the stock exchanges Submit the approvals received from the stock exchanges to SEBI Finalise Underwriting. LMs. interse. LMs Company. Auditors Company Company. Legal Advisor Company. BRLC Ad Agency. BRLC 90 91 93 97 97 97 6 . BRLC Company. promotion and distribution plan Commence corporate advertising Invite proposals for Bankers to the Issue Finalize bankers for the Issue Finalise bidding centres for collection with the Syndicate. LMs Company. ILC and BRLC clearance certificate and 10 b 5 opinion received for draft RHP for filing with SEBI Receive comfort letter from Auditors for financial disclosures Company signs off draft RHP for filing with SEBI Research report published and circulated File Draft Red Herring Prospectus with SEBI along with Due Diligence Certificate. DLC. Legal Advisor Finalise the corporate advertising campaign Second draft of draft RHP circulated to Company.
LMs Company Company. LMs. followed by international) Pre-marketing complete LMs analyse feedback. Printer Company Company. Printer. PRICING (13 Days) Printing and distribution of RHP and Bid Forms commences Give strike order to print CANs. LMs STAGE IV . BRLC Company. LMs. Ad Agency Bankers. road shows/ bidding Research team meets select investors for premarketing Commence pre-marketing (domestic.IPO ACTIVITY Update Draft Red Herring Prospectus after incorporating SEBI and stock exchange comments and file reply with SEBI alongwith Audited Results Meet SEBI for concurrance on the updated Draft Red Herring Prospectus Receive final clearance from SEBI on the updated Draft Red Herring Prospectus Registrar-Banker meeting for modalities of collection Finalize stationary distribution schedule Printer to submit first proof of Red Herring Prospectus and bid form Make necessary corrections and generate final proof of Red Herring Prospectus and bid form Board/ Committee authorised by Board to approve sign and authorise filing of Red Herring Prospectus with ROC Bring down due diligence Receive comfort letter from auditors for financial disclosures File Red Herring Prospectus with the RoC Submit due diligence certificate to SEBI at the time of RoC filing Submit printed RHP and bid forms to SEBI Receive RoC acknowlegement card Give strike order for printing of RHP and Bid Forms Draft CANs and Refund Orders / Warrants Cumulative Days 99 Responsibility Company. LMs Company 7 .Activity chart . ILC.PRE-MARKETING (24 DAYS) LMs to advice Company on timing for the pre-marketing. LMs STAGE III . BRLC. identify issues that need focus during management roadshows and form view on price band Indicative Floor Price discussed and finalised with Company prior to proceeding further with the issue 86 96 97 107 107 110 LMs LMs LMs LMs LMs Company. DLC. assess demand. LMs. LMs 103 105 106 106 107 110 107 110 105 111 111 114 112 113 113 LMs LMs Company.Company and Auditors to update on any material developments since RHP Commence road shows Commence press / broker road shows RHP announcement advertisement Sign Escrow Agreements Sign and File Syndicate Agreement with SEBI Deposit 1% of the issue size with the regional stock exchange 116 117 122 117 117 122 121 121 121 Printers Company. LMs Company. BIDDING. Bankers LMs Printer Company. DLC.ROAD SHOWS. Refund Orders / Warrants Bring down due diligence . LMs. LMs Company. LMs Company. Company Company. Auditors Company LMs LMs. Registrars. LMs Company.
LMs STAGE V .Activity chart . DLC. Ad Agency.Company and Auditors to update on any material developments since RHP Sign underwriting agreement and despatch CAN to QIBs File prospectus with SEBI updated with price. issue details and material developments File prospectus with ROC Obtain ROC acknowledgement for the prospectus Final Collection Certificates Received from Bankers Basis of allotment for non QIB investors approved by the Regional Stock Exchange Basis of allocation advertisement Prospectus announcement advertisement with the price CAN and refund orders to non QIB investors Pay in date Designated Date . LMs Bankers Registrar. Company. LMs Company. LMs LMs LMs GoI. LMs Ad Agency. LMs LMs Company. Company.Transfer of Funds from Escrow to PI Account Board meeting for allocation/ allotment of shares to investors of Book Built Portion File final listing application to Stock Exchanges Delivery of shares in the demat account Obtain listing permission from the stock exchanges Obtain trading permission from the stock exchanges File 78 day report with SEBI Registrars. Company. Company Company Company Registrar. LMs LMs 8 . Registrar Company.IPO ACTIVITY Bid Opening Submit due diligence certificate to SEBI Road shows end Submit due diligence certificate to SEBI Bid Closing Issue Pricing Finalized Cumulative Days 124 124 126 128 128 129 15 130 131 130 131 131 132 133 134 133 135 137 135 137 137 139 139 140 141 141 145 207 Responsibility LMs LMs Company. LMs. Company Company. Banker. LMs LMs. Bankers Company. LMs. LMs Company. BRLC and Company Company. LMs Registrar LMs Registrar. Company Registrar.POST ISSUE (15 Days) Receive provisional certificate from the banks Submit 3 day report to SEBI Finalize discretionary allocation Bring down due diligence .