The initial public offer of PKH Ventures will conclude today and the issue has received tepid response from the investors. As on July 4th, 12.09 PM, the issue was subscribed 43% overall. Click here to subscribe the IPO.
On the third day of the subscription, retail investors’ portion received a subscription of 65%, indicating moderate interest from individual investors. Non-institutional investors (NIIs) showed higher enthusiasm with a subscription of 97% for their portion. However, the qualified institutional buyer (QIB) portion had a relatively low subscription rate of 11%.
The company has set the price band for its proposed initial public offer at Rs 140 to Rs 148 per equity share. Investors have the option to bid for a minimum of 100 Equity Shares and in multiples of 100 Equity Shares thereafter.
The IPO comprises 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 from the new issue will be utilized for various purposes. A portion will be invested in the subsidiary Halaipani Hydro Project for the development of hydropower projects. Additionally, the funds will be used to meet the long-term working capital requirements of the company’s subsidiary, Garuda Construction. The company also intends to allocate a part of the proceeds from the new issuance for inorganic growth, including acquisitions and other strategic activities.
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