Abhishek Mills Ltd IPO undersubsribed, revises offer price and extends closing date

The Initial Public Offering of Abhishek Mills Ltd has extended the closing day to March 01, 2007 instead of the earlier closing day of February 26, 2007. Further price band has been revised from Rs.95/- to Rs.110/- per share to Rs.90/- to Rs.100/- per share.

The company's IPO opened for subscription on February 20, 2007 in a price band of Rs.95 to Rs.110 per share. The IPO received a meagre 0.22 times subscription as on 26 February 2007 at 1700 hrs. Due to the undersubscription of the issue, the company has to reduce the price band and extend the last closing day.

The company received total bids for 892620 equity shares against the offer of 4100000 equity shares. It received bids for 570780 equity shares at Cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription for 60420 shares against the offer of 1947500 shares resulting in a subscription of just 0.0310 times. The Non Institutional Investors portion received subscription for 0.4227 times with bids for 246960 shares against the offer of 584250 shares.

The Retail Individual Investors (RIIs) portion received bids for 380220 shares against the offer of 1363250 shares resulting in subscription of 0.2789 times. Only the Employee Reservation received bids for 1.0001 times with bids for 205020 shares against the offer of 205000 shares.

Source : Equity Bulls

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