Key Points
PKH Ventures Ltd withdrew its initial public offering (IPO) on Wednesday as it did not receive the requisite subscriptions from qualified institutional buyers (QIBs)...
As per the Red Herring Prospectus (RHP), allocation to QIBs was 50% and the company received only 11% subscription from QIBs..
The company announced in a statement to the stock exchanges that it had decided to cancel the IPO in accordance with a board resolution adopted on July 4 after consulting with IDBI Capital Markets and Securities Ltd due lack of subscription from QIB..
As per the Draft Red Herring Prospectus (DRHP), the company's promoter, Pravin Kumar Agarwal, offered to sell up to 98,31,461 shares as part of the IPO, in addition to a fresh offering of up to o 1,82,58,427 shares..
As per the RHP, the book running lead manager (BRLM), through the registrar to the offer, shall notify the Self-Certified Syndicate Bank (SCSBs) and the Sponsor Banks, in case of UPI Bidders using the UPI Mechanism, to unblock the bank accounts of the ASBA Bidders within one working day from the date of receipt of such notification..
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