200-person cap KYU? Agar aap 200 se zyada logon ko offer karte ho, toh law usse deemed public issue maanta hai — kyunki itne logon tak pahunchna general public ko tap karne jaisa lagta hai, aur public protection rules lagni chahiye.
Sirf QIBs KYU? Regulators ka reasoning hai: yeh professionals hain jiske paas research teams hain. Inhe ek chhote retail investor jaisi protection ki zaroorat nahi. Isliye SEBI zyaatar disclosure burden hata deta hai → raise dinon mein ho jaata hai, mahino mein nahi.
QIP mein sabse important number floor price hoti hai — woh minimum price jis par shares issue kiye ja sakte hain.
YAHAN TAK KAISE PAHUNCHE (first principles):
Problem: agar ek company kisi bhi price par shares issue kar sakti, toh insiders friendly institutions ko saste shares dump kar sakte the, existing shareholders ko loot kar.
Fix: price ko recent market price se anchor karo — kuch jo public ne set kiya, company ne nahi.
Average KYU, sirf last ek close nahi? Ek din ki price manipulated ya noisy ho sakti hai. 2 weeks par average karna spikes smooth karta hai → game karna mushkil hota hai.
Discount KYU allow karte hain? Institutions bulk mein khareedti hain aur aasani se exit nahi kar saktin; unhe ek chhota incentive chahiye. SEBI floor price par maximum 5% discount allow karta hai.
Relevant date se pehle 2 weeks ke VWAP ke high aur low ka average.
QIP floor price par maximum discount kitna allowed hai?
5%.
QIP floor price agar 2-week high=₹210, low=₹180?
(210+180)/2 = ₹195.
IPO vs QIP main difference?
IPO = unlisted company public jaana (retail shamil); QIP = already-listed company sirf institutions se aur paisa raise karna.
Price ko 2 weeks mein average KYU karte hain?
Single-day noise/manipulation smooth karne ke liye aur ek fair anchor set karne ke liye.
Recall Ek 12-saal ke bachche ko explain karo (Feynman)
Socho ek lemonade stand jo pehle se poori gali ko bechta hai (yeh ek listed company hai). Use ek badi machine khareedne ke liye paisa chahiye. Har bachche se dobara poochne ke bajay (slow, messy), woh quietly kuch amir bade logon se, jo business samajhte hain, paisa maangta hai, stand ki hissa dene ke badle. Woh quiet, few-people sale private placement hai; jab woh bade log bade money-institutions hain, hum use QIP kehte hain. Ise fair rakhne ke liye, unhe jo price chahni chahiye woh stand ke shares ki already trading price ke kareeb honi chahiye — koi secret sasti price nahi.
