Mumbai: Adlabs Entertainment decreased its IPO price band to Rs 180-215 per share and extended the issue closure date to March 17.
Meanwhile, there was tepid response from institutional investors. The issue portion reserved for retail investors has already been fully subscribed. Bankers said that the price revision, accompanied with the extension of the issue period, will make the issue pricing more investor friendly and will enable a wider set of investors, including institutional and non-institutional investors to participate in the issue.
As per a notice at the NSE, “The issue closure date has been extended up to March 17, 2015. Post issue modification date has been revised to March 18, 2015. Price band has been revised from Rs 221-230 to Rs 180-215 per share.” The issue which had opened for subscription on March 10, for sale of 1,76,04,092 shares, received bids for 75,66,000 shares, or 43 percent, till 1600 hours today.
