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Mumbai, Feb. 6 The IPO of Emaar MGF Land Ltd, which was slated to close on Wednesday, has been extended by five days, and its price band revised downwards for the second time.

This was as a result of the IPO failing to fetch the minimum required subscription of 90 per cent. As at 5 p.m. on Wednesday, the subscription was only 75 per cent, the NSE data showed. Also, the maximum bids were at the lower end of the price band.

The company has now refixed the lower end of the price band at Rs 530, from Rs 540 earlier, retaining the upper end at Rs 630.

This is the second revision in this IPO’s price band, which was originally Rs 610-690.

The issue was subscribed 0.64 times by qualified institutional buyers, a marginal 0.0041 times by non-institutional investors and 0.0513 times by retail individual investors.

The IPO, which offered 10.25 crore shares, received bids for 7.66 crore; bids at the cut off price numbered 1.2 crore.

An investment banking source said the lukewarm response was because of the global weakness in the financial markets.

The other IPO offer that of Wockhardt Hospitals (closes tomorrow) was subscribed by only 13 per cent, as at 5 p.m. on Wednesday.

More Stories on : Real Estate & Construction | IPOs

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