Antony Waste Handling Cell to withdraw Rs 203 cr IPO

Antony Waste Handling Cell to withdraw Rs 203 cr IPO

To begin with, the novel COVID-19 led market crush has forced Antony Waste Handling Cell to withdraw its public issue on March 16th. However, it remained the last day of bidding yesterday, as it failed to secure enough subscription. 

Earlier, the company had consulted with its merchant banker on March 6th. So then, it had extended the IPO closing date by five working days to March 16th. Moreover, the issue remained subscribed only 49.55% on March 6th. But since then it got stuck at the same levels till March 16th.  

Besides, the company had proposed to raise around Rs 203 crores through the public offer for Rs 294. Also, the lower end of its price band came about Rs 294-300 per share. 

Ultimately, Antony Waste is not the only victim of the weak market condition. But also, the Rossari Biotech decided to launch its IPO on March 18th. Yet, it had withdrawn the same. Moreover, the Rs 10,340 crores public issue of SBI Cards also remained affected by the market phase. 

Also, the first-rising coronavirus cases outside China, especially in the US and Europe, had dented the investors’ sentiment. Despite this, the Sensex has also lost 26% from its record high seen in Jan. 

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