Motilal Oswal Investment Advisors Pvt. Ltd. said that Plastene India Limited has decided to withdraw the Initial Public Offer (IPO) due to unfavorable market conditions.
Motilal Oswal Investment Advisors was the Book Running Lead Manger to the public issue of Plastene India Limited.
Plastene India, which is the third company to withdraw IPO since the start of the year, could only muster 29% subscription.
The issue did not see any participation from QIBs and negligible bids from retail investors, even as HNIs and corporates oversubscribed their portion of the issue.
Plastene India had sought to raise up to Rs 780mn
Goodwill Hospital and Samvardhana Motherson Finance have also withdrawn their IPOs this year.
SAIF Partners-backed Speciality Restaurants and Just Dial are likely to go ahead with their IPOs.
Speciality Restaurants' IPO opens on May 16.