Swajas Air Charters IPO crashes before takeoff, remains undersubscribed, issue extended - Indian IPO Blog

Indian IPO Blog

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Wednesday, September 28, 2011

Swajas Air Charters IPO crashes before takeoff, remains undersubscribed, issue extended

The Book Running Lead Manager to the issue has informed the Exchange that the SWAJAS AIR CHARTERS LIMITED issue will close on October 5, 2011 instead of the earlier closing day on Sep 28th 2011.Further price band has revised from 90/- to Rs100/- to Rs. 84/- to Rs. 90/- per share. Post issue modification date has been revised to October 7, 2011

Swajas Air Charters Limited IPO received an embarrassing response from the investors with the IPO getting paltry subscriptions even on the closing day. It remains doubtful whether even at the revised price band, the issue will receive substantial subscription to sail through.

Swajas Air Charters Ltd is a a Non-Scheduled Airline Operator, servicing a fleet of fixed-wing aircraft and helicopters within and outside India. An Insight from Indian IPO Blog Insights revealed that the pricing for the issue is far stretched. Click here to read complete analysis on Swajas Air Charters IPO

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