Scotts Garments has withdrawn its initial public offer (IPO) due to poor response from investors. The IPO was subscribed just 0.27 times when the bidding for the IPO ended on Friday, 3 May 2013.
Earlier, Scotts Garments had extended the IPO due to muted investor response. The company had also revised the price band to Rs 118-120 per share from Rs 130-132 per share set earlier. Scotts Garments had earlier decided to close the issue on 29 April 2013. But the poor investor response forced the company to extend the issue till 3 May 2013. The bidding for the IPO began on 25 April 2013.
Scotts Garments manufactures hi-fashion readymade garments. It has domain expertise in providing sampling and design and has additional facilities such as embroidery, printing, dyeing and washing. Presently, it is largely engaged in manufacturing and export of readymade garments.
The company had decided to raise the funds through the IPO to finance setting up a unit for trouser manufacturing at Doddaballapur, Karnataka, and knitting and fabric processing at Kagal, Kolhapur.
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