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The ₹379-crore initial public offerings of construction company, PKH Ventures, received a lukewarm response from investors on Day 1 of the issue opening as only 6 per cent of it was subscribed overall on the first day of the issue on Friday. The price band for the shares has been fixed at ₹140-148. The bids will be received in 100 equity shares and in multiples thereof. The PKH Ventures IPO closes on July 4.
No qualified institutional buyers or QIBs had bid for the issue, while retail investors and non-institutional investors had bid just 0.10 and 0.13 time, respectively.
Also read: SEBI halves IPO listing cycle to 3 days
The issue comprises a fresh issue of ₹270.22 crore an offer for sale and a fresh issue of shares.
The funds raised will be used to invest in subsidiaries, long-term working capital needs, and pursuing inorganic growth through and towards general corporate purposes. The company is in the business of construction and development, hospitality and management services.
The company is in the business of construction and development, hospitality, and management services.
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