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Antony Waste Handling Cell withdraws IPO after tepid response

The IPO could only attract bids for 24,08,200 shares, or 50 per cent of the total issue size.

ETMarkets.com|
Last Updated: Mar 16, 2020, 04.14 PM IST
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The Rs 206-crore IPO was initially opened for three days -- March 4 to March 6.
NEW DELHI: Antony Waste Handling Cell’s initial public offer (IPO), which was extended by 10 days till Monday, has been withdrawn, making it the first mainboard issue to go unsubscribed this year.

The IPO could only attract bids for 24,08,200 shares, or 50 per cent of the total issue size of 48,24,544 shares.

The Rs 206-crore IPO was initially opened for three days -- March 4 to March 6. But later the mega IPO by SBI Cards and Payments Services, weak secondary market sentiment and concerns over YES Bank weighed on the issue.

“The market has been witnessing significant volatility since the filing of our RHP. Additionally, the preventive moratorium imposed on YES Bank has adversely impacted investor sentiment, with the market falling and significant erosion in the liquidity position across the system and network impacts,” the company had said at the time of extending the issue.

Since March 4, BSE Sensex has fallen 18 per cent. SBI Card, which debuted on Monday, also got listed at 13 per cent discount to its issue price of Rs 755.

The price band of Antony Waste Handling Cell IPO was set at Rs 295-Rs 300 per equity share. The offer included fresh issue of up to Rs 35 crore shares and an offer for sale of up to 5,700,000 shares.

The company had expected that the extension will allow the ongoing volatility to subside and allow all categories of investors to participate in the issue.

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