QIBs give thumbs down, GreenSignal withdraws IPO

The initial public offer (IPO) of vaccine manufacturing firm GreenSignal has been withdrawn following poor response from institutional investors.
Book running lead manager (BRLM) to the GreenSignal Bio Pharma issue has informed BSE that the IPO "may be treated as withdrawn" as QIB portion remained undersubcribed even after extending the IPO closing date twice.
Considering the issue as undersubscribed, the merchant Banker along with the company will start the process of unblocking funds.
According to Sebi norms, if 75 per cent of the net offer to public cannot be alloted to Qualified Institutional Buyers (QIBs), the entire application money would have to be refunded.

The portion set aside for QIBs was subscribed 0.21 per cent as it received bids for 22,50,150 shares against 1,09,34,670 shares put on offer, as per data available with NSE till 1700 hours.
Overall, the IPO received bids for 1,48,83,050 shares, against the total issue size of 1,45,79,560 shares, reflecting an oversubscription of 1.02 times, data showed.

Non-institutional investors category was subscribed 0.13 times, while retail investors segment saw 8.47 times subscription.
The Rs 112-crore IPO that opened on November 9 was extended twice for three days each after the portion allocated for institutional investors remaining unsubscribed.
The company had entered the capital market with its IPO of 1,45,79,560 shares of face value of Rs 10 each through an offer for sale.

The firm is into manufacturing of BCG vaccine given for protection against tuberculosis, mainly severe forms of child tuberculosis.