Tara Health Foods IPO withdrawn due to weak response - Indian IPO Blog

Thursday, May 6, 2010

Tara Health Foods IPO withdrawn due to weak response

Tara Health Foods Ltd., has finally withdrawn its Initial Public Offer (IPO) due to uncertainty in the global markets and weak response from the investors. Earlier due to poor response from the Investors, the Price Band for the IPO was revised from the earlier price band of Rs.180/- to Rs.190/- per equity share to the revised price band of Rs.175/- to Rs.185/- per equity share and the closing date was extended till Monday, May 05, 2010 instead of earlier scheduled closing date of Friday, April 30, 2010. (Click here to view Tara Health Foods IPO Revised Details)

Tara Health Foods IPO, consisting of 10,000,000 Equity Shares of Rs.10/- each, had opened for subscription from Wednesday, April 28, 2010. The IPO was assigned an IPO Grade 2 from credit rating agency Fitch, indicating 'Below Average Fundamentals'. The Company is engaged in the business of producing oil and cattle/poultry feed

Tara Health Foods IPO had remained poorly subscribed till Friday, April 30, 2010, the earlier scheduled closing date of the IPO, when it was subscribed only 0.03 times or 3% on an overall basis. (Click here to view Tara Health Foods IPO Bidding Status till Friday, April 30, 2010)

Even after the revision of price band and extension of IPO Closing Date to Wednesday, May 05, 2010, the response to the IPO remained lukewarm with the IPO getting bid 0.60 times or 60% on an overall basis. Click here for Tara Health Foods IPO Bidding Status as on Wednesday, May 05, 2010

No comments:

Post a Comment

Breaking