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Passive communication infra provider Dinesh Engineers has withdrawn its initial public offering due to weak market conditions. The public issue received a tepid response from investors with just 17% subscriptions on the final day.
As per exchange data, the IPO got bids for 16.51 lakh equity shares against a crore available for subscription.
The company’s offer opened on September 28. Its price band was in the range of Rs183-185 per share. Incidentally, the company was planning to raise Rs185cr via the IPO. This funding was to be used for business expansion and meeting general corporate expenditure.
Hem Securities was the book running lead manager to the issue and the issue’s registrar was Link Intime India.
Since the beginning of September, bears have dominated the markets as D-street has fallen almost 3,000 points after touching a record life-time high of 38,000 in August.
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