PKH Ventures withdraws IPO amid tepid demand

livemint.com:

PKH Ventures IPO: Issue subscribed 65% on Day 3; check details "On account of non-fulfilment of commitment by the Qualified Institutional Buyers (QIBs), pursuant to a resolution passed by the IPO committee of the company on July 4, 2023, the issuer has now decided to withdraw the issue in consultation with the Book Running Lead Managers and Registrar," the company said in its statement to the exchanges. As a result, it stated, the PKH Ventures IPO will be considered withdrawn. The public issue opened for subscription on Friday, June 30, and closed on Tuesday, July 4.

The company had fixed the price band at ₹140 to ₹148 per equity share for the proposed initial public offer. The IPO included a fresh offering of up to 18,258,400 shares and an offer for sale of up to 7,373,600 shares by the company's promoter, Pravin Kumar Agarwal. Pravin Kumar Agarwal currently holds 63.69% of the firm.

The proceeds of the new issue was to be invested in its subsidiary Halaipani Hydro Project for the development of hydropower projects. The funds was also to be used to cover long-term working capital requirements at the firm's subsidiary Garuda Construction. The company also stated that it will use a portion of the proceeds from the new issuance to seek inorganic growth through acquisition and other strategic activities.