PKH Ventures’ initial public offering (IPO) is yet to get investors excited with the issues has subscribed 30 percent on July 3, the second day of bidding.
Investors have bought 77.77 lakh equity shares against an offer size of 2.56 crore shares, subscription data available with the exchanges shows.
The reserved portions of retail investors and high networth individuals (non-institutional investors) subscribed 45 percent and 63 percent, respectively.
Qualified institutional investors portion subscribed by 11 percent.
Fifteen percent of the IPO is reserved for HNIs and the remaining 35 percent for retail investors.
The offer was subscribed 6 percent on the first day of bidding. The issue closes July 4.
The Mumbai-based construction and development firm is looking to raise Rs 379 crore through the IPO that comprises a fresh issuance of shares worth Rs 270.2 crore and an offer for sale of Rs 109.1 crore by promoter Pravin Kumar Agarwal.
The price band is Rs 140-148 per share. The company did not have anchor book in the offering.
PKH Ventures is going to utilise the fresh issue proceeds for the development of hydro power project through its subsidiary Halaipani Hydro Project.
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The funds will also meet long-term working capital requirements in Garuda Construction project, acquisitions and other strategic initiatives.
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