Ammana Bio Pharma Limited IPO evokes poor response

The Initial Public Offering (IPO) of Ammana Bio Pharma Limited has evoked poor response from investors with the issue failing to receive subscription even on the closing day of the issue. The company came out with an IPO at a price band of Rs.12 to Rs.14 through 100% Book Building process.

As on 05 April 2007 at 1700 hrs the issue has received subscription of 0.17 times. Out of the total issue of 16800000 equity shares, the company has received subscription for just 2910500 equity shares. The company has received subscription for 1895500 equity shares at Cut-off price.

The issue failed to receive even a single application for shares from Qualified Institutional Buyers (QIBs). Out of the reservation of 2520000 equity shares for Non Institutional Investors the company received subscription for 761500 equity shares resulting in subscription of 0.3022 times. Out of 5880000 equity shares the Retail Individual Investors (RIIs) portion received subscription for 2149000 equity shares resulting in subscription of 0.3655 times.

Source : Equity Bulls

Keywords