Delhi-based alcohol beverage company Globus Spirits has postponed its public issue. It was scheduled to open on February 19 and close on February 22, 2008.
This is the fourth victim of bad market conditions. Biggest and well known brands in markets like Emaar MGF and Wockhardt Hospitals have already withdrawn their public offers in last week despite lowering price band and exending issue period. SVEC constructions also lowered its price band to Rs 80-90 from Rs 85-95 and extended the issue till February 13, 2008. This issue got subscribed just 0.24 times till now.
All these companies said that they will again tap capital market in near term once this market condition recovers and market stabilizes.
Weak listing of Reliance Power also added to these sentiments. Experts believe that new listings as well as current issues, which are opened, will see weak response from investors and this situation will continue for one month at least. They also feel that investors will be back to primary market once the secondary market starts showing strong momentum.
Globus Spirits had come out with public issue aggregating to Rs 68 crore through the book building route. The price band was Rs 135-148 per share.
The company with this money proposed to modernise and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana; develop and acquire IMFL brands; and revamp its storage and bottling capacity.
The book running lead manager to the proposed issue was SREI Capital Markets Ltd.
Source : www.moneycontrol.com
This is the fourth victim of bad market conditions. Biggest and well known brands in markets like Emaar MGF and Wockhardt Hospitals have already withdrawn their public offers in last week despite lowering price band and exending issue period. SVEC constructions also lowered its price band to Rs 80-90 from Rs 85-95 and extended the issue till February 13, 2008. This issue got subscribed just 0.24 times till now.
All these companies said that they will again tap capital market in near term once this market condition recovers and market stabilizes.
Weak listing of Reliance Power also added to these sentiments. Experts believe that new listings as well as current issues, which are opened, will see weak response from investors and this situation will continue for one month at least. They also feel that investors will be back to primary market once the secondary market starts showing strong momentum.
Globus Spirits had come out with public issue aggregating to Rs 68 crore through the book building route. The price band was Rs 135-148 per share.
The company with this money proposed to modernise and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana; develop and acquire IMFL brands; and revamp its storage and bottling capacity.
The book running lead manager to the proposed issue was SREI Capital Markets Ltd.
Source : www.moneycontrol.com
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