Shares of Wockhardt on Friday opened down more than 6 per cent after its subsidiary Wockhardt Hospitals withdrew its initial public offer due to low subscription.
At 10:54 am on the NSE, the share was Rs 331.30, down 2.73 per cent from the previous close but up from the low of 321.15.
Late Thursday, Wockhardt Hospitals called off the IPO after the qualified institutional buyers’ portion was undersubscribed.
A volatile secondary market had forced the company to lower the price band to Rs 225-260 from Rs 280-310 earlier even before the issue was scheduled to open on Jan 31, which also postponed its opening to Feb 1.
But even when this failed to draw investors, Wockhardt Hospitals extended the closing date by two days to Feb 7 from the earlier Feb 5.
However, the extension did not help matters. As per NSE data, at close of issue, the QIB category was subscribed 0.06 times, non-institutional investors 0.0048 times and retail portion about 0.51 times.
http://economictimes.indiatimes.com/
At 10:54 am on the NSE, the share was Rs 331.30, down 2.73 per cent from the previous close but up from the low of 321.15.
Late Thursday, Wockhardt Hospitals called off the IPO after the qualified institutional buyers’ portion was undersubscribed.
A volatile secondary market had forced the company to lower the price band to Rs 225-260 from Rs 280-310 earlier even before the issue was scheduled to open on Jan 31, which also postponed its opening to Feb 1.
But even when this failed to draw investors, Wockhardt Hospitals extended the closing date by two days to Feb 7 from the earlier Feb 5.
However, the extension did not help matters. As per NSE data, at close of issue, the QIB category was subscribed 0.06 times, non-institutional investors 0.0048 times and retail portion about 0.51 times.
http://economictimes.indiatimes.com/
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