Construction and development company, PKH Ventures has decided to withdraw its public issue on the final day of bidding, July 4, as the issue was undersubscribed. As both qualified institutional buyers and retail investors show lukewarm responses, the issue was subscribed by just 65 per cent.
For any IPO to sail through, the part of qualified institutional buyers has to get at least 90 per cent subscription. “BRLM to the PKH Ventures Limited has informed the Exchange that due to the prevailing market conditions, pursuant to a Resolution passed by the IPO committee of the company on July 04 2023, the issuer has now decided to withdraw the issue in consultation with BRLMs and Registrar. Hence, the IPO of PKH Ventures Limited will be treated as withdrawn,” the company said in a late-night notice to the stock exchanges.
Also read: IPO Screener: PKH Ventures issue subscribed 6% on Day 1
The public issue came at a price band of ₹140-148 per share.
PKH Ventures was planning to raise ₹379 crore via its maiden public issue of 2.56 crore equity shares at the upper price band. The offer was comprised of fresh issue of ₹270.2 crore shares and an offer for sale of ₹109.1 crore shares by promoter Pravin Kumar Agarwal.