Construction and hospitality firm PKH Ventures has withdrawn its initial share sale amid disappointing participation from investors, particularly from institutional buyers, over a three-day period. The initial share sale of PKH Ventures was subscribed just 65 per cent on the last day of subscription on Tuesday.
The Initial Public Offering (IPO) received bids for 1,67,25,800 shares, against 2,56,32,000 shares on offer, according to NSE data. While the category for non-institutional investors got fully subscribed by 1.67 times, the Retail Individual Investors (RIIs) quota received 99 per cent subscription. However, the portion for Qualified Institutional Buyers (QIBs) got only 11 per cent subscription.
The IPO had begun on Jun 30 and the company planned to mop-up Rs 379.35 crore from the share sale. The public issue of up to 2,56,32,000 equity shares of face value of Rs 5 each had a fresh issue of up to 1,82,58,400 shares and an Offer-for-Sale (OFS) of up to 73,73,600 shares by its promoter Pravin Kumar Agarwal.
The price range for the offer was fixed at Rs 140-148 a share.The Mumbai-based company has three business verticals — construction and management, hospitality, and management services.The construction projects include residential and commercial buildings and miscellaneous projects including Delhi Police headquarters, a hydropower plant in Amritsar and Nagpur, and a food park.
It also owns and operates two hotels and manages one resort & spa at Aamby Valley, Lonavala.Besides, it owns and operates certain restaurants and Quick Service Restaurants (QSRs) like Zebra Crossing, Mumbai Salsa, and Hardy’s Burger under its brands. IDBI Capital Markets was the manager to the offer.