NCML Industries withdraws IPO on lukewarm response

Moneycontrol Bureau

NCML Industries has withdrawn its public issue from the market due to lukewarm response. The issue was opened for subscription on December 29, 2014 and scheduled to be closed on January 9, 2015.

"The company and selling shareholders decided in their board meeting held on January 8, 2015 to withdraw the offer for sale with immediate effect keeping in view the lukewarm response," said the company in its filing.

The public issue of the company was supposed to close on January 05 but the company had extended for another five working days till January 9, 2015. Accordingly, the price band was also revised to Rs 80-90 from the existing price band of Rs 100-120.

The main objectives of the offer were to carry out the sale of 60 lakh equity shares by the selling shareholders and to achieve the benefits of listing the equity shares on the stock exchanges.

The company is one of the leading edible oil importing, manufacturing and marketing companies in India with international presence.

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