PKH Ventures IPO subscribed 26% so far on day 2

3 Jul 2023 , 03:43 PM

The Rs 379 crore initial public offer of PKH Ventures Limited was subscribed 26% on day 2 by 3.30 PM. The issue opened for subscription on June 30 and will conclude on July 4. Click here to subscribe the IPO.

On the second day of the subscription period, the initial public offering (IPO) received a lukewarm response from different investor categories. Retail investors showed moderate interest, with their portion being subscribed at 40%. Non-institutional investors (NIIs) also displayed a similar level of interest, with their portion being subscribed at 42%. However, qualified institutional buyers (QIBs) showed less enthusiasm, with their portion being subscribed at only 11%. 

The company has set the price band for IPO at Rs 140 to Rs 148 per equity share. Investors interested in participating in the IPO can bid for a minimum of 100 equity shares and in its multiples thereafter.

The IPO comprises a fresh issuance 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. Currently, Pravin Kumar Agarwal holds a 63.69% stake in the company.

The proceeds generated from the fresh issuance will be directed towards the development of hydropower projects in the company’s subsidiary, Halaipani Hydro Project. Additionally, the funds will be utilized to fulfill long-term working capital requirements at the company’s subsidiary, Garuda Construction. Furthermore, a portion of the proceeds from the new issuance will be allocated towards pursuing inorganic growth opportunities through acquisitions and other strategic initiatives.