By IANS
Mumbai : Weak market conditions claimed its third victim after Emaar MGF and Wockhardt Hospitals, as SVEC Constructions withdrew its initial public offering due to poor response.
The SVEC Constructions IPO was subscribed by just 0.25 times Tuesday with bids for only 981,000 shares received as against four million on offer.
SVEC Constructions had extended the IPO closure date from Feb 8 to Feb 13. The issue opened Feb 4.
The company had also revised the price band of the IPO to Rs.80-90 per share from the earlier Rs.85-95.
The Hyderabad-based company, which has experience in the areas of building and irrigation works, plans to raise funds for purchasing capital equipment worth Rs.153.2 million and for meeting the long-term working capital requirements estimated at Rs.238.6 million.
When contacted, SVEC Constructions authorities declined to comment on the issue.