PKH Ventures cancels IPO: here's how the refund process works

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PKH Ventures IPO: Issue subscribed 65% on Day 3; check details 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. Currently, 63.69% of the company is owned by Pravin Kumar Agarwal.

In an IPO, applicants' bank accounts are blocked with the required subscription amount for the amount requested. Depending on how many shares one has been allotted, the applicant's account is debited for the exact amount needed for each share. As an example, if you apply for shares worth ₹1.25 lakh and are granted shares at ₹95,000, the same amount would be deducted from your account, and the remaining ₹30,000 will be released.

In the event that the issue is undersubscribed or is withdrawn by the issuing company, the applicants will get a full refund of the amount blocked. 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. IDBI Capital is the issue's sole book running manager, and Link Intime India Private Limited is the Registrar to the offer.