Third IPO down, SVEC construction withdraws

Mumbai, Feb 12 (UNI)The plummeting Indian bourss claimed yet another victim as Hyderabad based construction company SVEC Constructions Ltd withdrew its IPO citing poor response on the backdrop of weak global cues.

The Company which aimed to raise a minimum of Rs.34 crore from its four million share offer was the third to bite the dust after Wockhardt Hospitals and real estate major Emaar MGF withdrew due to poor patronage. According to marketmen, the issue, which collected just 24 per cent subscription so far, failed to sustain push-back pressure on poor responce from institutional investors.

The extended offer date of the issue was to close tomorrow. The company had assured to refund the money to the investors within a fortnight.

Marketmen are of the view that few more IPOs would opt for withdrawal as the market conditions are not favourable.

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