 "NCML withdraws IPO on poor response from retail investors")
The initial public offer (IPO) of edible oil firm NCML Industries has been withdrawn after poor response from retail investors.
"Book running lead manager (BRLM) to the NCML Industries Limited issue has informed the exchange that the issue has been withdrawn with immediate effect," as per a notice on the NSE.
The issue, which had opened for subscription on December 29 for sale of 60 lakh equity shares, received bids for over 26.88 lakh shares till yesterday. The issue was slated for a closure today.
Portion reserved for retail investors garnered 0.16 times subscription.
The public offer of NCML Industries failed to catch investors' fancy despite extension of the issue closure date till today and lowering of the price band from Rs 100-120 to Rs 80-90.
The offer was earlier scheduled to be closed on January 2, 2015.
The company is into the business of importing, manufacturing and marketing of edible oils in India.
The equity shares were proposed to be listed on BSE and National Stock Exchange (NSE).
Corporate Strategic Allianz Limited was the book running lead manager to the issue.
"Book running lead manager (BRLM) to the NCML Industries Limited issue has informed the exchange that the issue has been withdrawn with immediate effect," as per a notice on the NSE.
The issue, which had opened for subscription on December 29 for sale of 60 lakh equity shares, received bids for over 26.88 lakh shares till yesterday. The issue was slated for a closure today.
Also Read
The qualified institutional buyers (QIBs) portion was subscribed 1 times and non institutional investors category received 0.91 times subscription, as per yesterday's data on the NSE.
Portion reserved for retail investors garnered 0.16 times subscription.
The public offer of NCML Industries failed to catch investors' fancy despite extension of the issue closure date till today and lowering of the price band from Rs 100-120 to Rs 80-90.
The offer was earlier scheduled to be closed on January 2, 2015.
The company is into the business of importing, manufacturing and marketing of edible oils in India.
The equity shares were proposed to be listed on BSE and National Stock Exchange (NSE).
Corporate Strategic Allianz Limited was the book running lead manager to the issue.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%