The initial public offer (IPO) of edible oil firm NCML Industries has been subscribed 0.45 times on the second last day of bidding.
The company’s IPO, the first issue of the year, received bids for over 26.88 lakh shares against the total issue size of over 60 lakh shares, data available at the NSE showed.
The qualified institutional buyers (QIBs) portion was subscribed 1 times and non institutional investors category received 0.91 times subscription.
Portion reserved for retail investors garnered 0.16 times subscription, as per the exchange’s data.
Amid tepid response to its initial public offer, the issue closure date of NCML Industries was extended till January 9 and the price band was also revised lower from Rs 100-120 to Rs 80-90.
The issue had opened for subscription on December 29, 2014 to carry out sale of 60 lakh equity shares through its IPO, but failed to garner subscription from investors, forcing the issuer to slash the issue price and extend the closing date by a week.
The company is into the business of importing, manufacturing and marketing of edible oils in India.
The equity shares are proposed to be listed on BSE and National Stock Exchange (NSE).
Corporate Strategic Allianz Limited is the book running lead manager to the issue.