Volatile market claimed its first victim in the stock market on Thursday when Wockhardt Hospitals Ltd quietly withdrew its Initial Public Offering (IPO).
The issue was subscribed by a mere 18 per cent on the last day of its closing Thursday. The company plans to refund the entire IPO money within 15 days.
For listing on the bourses, 90 per cent of the issue must be subscribed. Wockhardt had attempted to salvage the issue by extending the subscription closing date from Feb 5 to Feb 7.
The IPO of 25 million shares opened for subscription initially in the price band of Rs.280 to Rs.310.
Later, the company slashed the price band to Rs.225 to Rs.260 per equity share Feb 5. The revision was done in the light of current volatile market conditions.
Credit rating agency Crisil had accorded grade 4 to the IPO but still the issue failed to attract investor.