BackPKH Ventures IPO sees tepid demand on Day 2, subscribed 30%
PKH Ventures IPO Subscription Status: The company has received bids for 77,77,400 shares against 2,56,32,000 shares on offer, according to data from the BSE.
PremiumPKH Ventures IPO Subscription Status: The initial public offering (IPO) of PKH Ventures Ltd was subscribed 30% on Day 2. The public issue that opened for subscription on Friday, June 30, will close on Tuesday, July 4.
On the second day of the subscription, the issue received tepid response from retail, non institutional investors (NIIS), and qualified institutional buyer (QIBs). Retail investors portion was subscribed 45% and NIIS was subscribed 63%. While QIB portion was subscribed 11%, employee portion did not receive any subscription.
The company has received bids for 77,77,400 shares against 2,56,32,000 shares on offer, according to data from the BSE.
The retail investors' portion received bids for 39,93,300 shares against 89,71,200 shares on offer for this segment.
The non-institutional investors' portion received bids for 24,12,100 shares against 38,44,800 on offer for this segment.
The QIBs' portion received bids for 13,72,000 shares against 1,28,16,000 on offer for this segment.
PKH Ventures IPO: GMP, subscription status, price, other details. Apply or not?
The company has fixed the price band at ₹140 to ₹148 per equity share for the proposed initial public offer. Investors can bid for a minimum of 100 Equity Shares and in multiples of 100 Equity Shares thereafter.
The IPO includes 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 will be invested in its subsidiary Halaipani Hydro Project for the development of hydropower projects. The funds will also 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.
IDBI Capital is the issue's sole book running manager, and Link Intime India Private Limited is the Registrar to the offer.
According to DRHP, the company clocked a profit after tax and non-controlling interest grew 32.55% to ₹4,051.55 lakhs in the financial year FY22 against ₹3,056.67 lakhs in FY21, whereas revenue from operations during the year FY22 stood at ₹19,935.20 lakhs. Further, the Profit for the nine-months period ended December 2022 stood at ₹2,863.52 lakhs.
On Friday, July 7, the company will set the basis for allocating shares, and on Monday, July 10, the refund process will begin. On Tuesday, July 11, shares will be credited to the allottees' demat accounts.
On Wednesday, July 12, PKH Ventures shares are most likely to be listed on the NSE and BSE.
PKH Ventures IPO: From key dates to price band, all you need to know
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