The Hindu Business Line : Puravankara public issue subscribed by 1.9 times

Mumbai, Aug. 8 The initial public offering of Puravankara Projects Ltd, which the company extended from August 3 to August 8, due to poor response, was subscribed 1.91 times today.

As of 5 p.m., the total bids received at (NSE and BSE) were 4,09,21,900 and those at cut-off 43,65,490. The bid size was 2.14 crore shares.

The company had also lowered the price band from Rs 500-525 to Rs 400-450 during the extension period.

The issue opened on July 31.

On August 3, the IPO was subscribed 0.36 times only.

The company, while announcing the extension of the IPO period and lowering of the price band on August 3, said the decision was taken in view of the volatility in the global and Indian markets.

Mr Ravi Ramu, Director, said it was “with due respect to investor sentiment, who expressed a deep desire to invest in our company but also pointed out the market condition.”

While the company initially proposed to raise between Rs 1,070 crore and Rs 1,123 crore in the price band of Rs 500-525, the current response and revised price band pegs it between Rs 963 crore and Rs 856 crore.

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Puravankara public issue subscribed by 1.9 times