Gremach Infrastructure Equipments & Projects Ltd revises IPO price, extends closing date

The Initial Public Offering (IPO) of Gremach Infrastructure Equipments & Projects Ltd failed to evoke responses from investing community across the country due to depressed market conditions.

The IPO which opened for subscription on March 8, 2007 had to extend its closing day of subscription to March 19, 2007 from March 14, 2007.

The company has also revised the price range for the book building issue from existing band of Rs.75 - Rs.90 to Rs.72 to Rs.86 per share.

As on Friday - March 16, 2007 the issue has received subscription for times. The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 1250060 equity shares against the offer of 3687500 shares resulting in a subscription of 0.3390 times.

The Non Institutional Investors portion of the issue received subscription of 2.9743 times with bids for 3290280 shares against the offer of 1106250 shares. The Retail Individual Investors (RIIs) portion received subscription of 0.2659 times with bids for 686420 shares against the offer of 2581250 shares. The Employee Reservation received subscription of 0.3014 times resulting in bids for 246960 shares against the offer of 819445 shares.

Source : Equity Bulls

Keywords