scorecardresearchPKH Ventures IPO sees tepid response; subscribed just 22% on Day 2; check

PKH Ventures IPO sees tepid response; subscribed just 22% on Day 2; check GMP

Updated: 03 Jul 2023, 03:35 PM IST
TL;DR.

PKH Ventures issue was subscribed just 22 percent at 3:10 pm on Day 2 of bidding, July 3, 2023. The company has received bids for 55.8 lakh shares against 2.56 crore shares on offer, according to data from the BSE.

PKH Ventures issue was subscribed just 22 percent at 3:10 pm on Day 2 of bidding,

PKH Ventures issue was subscribed just 22 percent at 3:10 pm on Day 2 of bidding,

The initial public offering (IPO) of PKH Ventures, which is engaged in the business of construction and development, hospitality, and management services, received a tepid response from investors.

The issue was subscribed just 22 percent at 3:10 pm on Day 2 of bidding, July 3, 2023. The company has received bids for 55.8 lakh shares against 2.56 crore shares on offer, according to data from the BSE.

The part reserved for retail investors was subscribed the most, 34 percent, followed by the non-institutional investors' (NII) quota, which saw 31 percent bids. Meanwhile, the qualified institutional buyers' (QIB) portion was subscribed only 11 percent.

The retail portion received bids for 30.31 lakh shares against 89.7 lakh on offer for this segment while the NII quota saw bids for 11.97 lakh shares against 38.4 lakh shares on offer for this segment and finally, the QIB part saw bids for 13.52 lakh against 1.28 crore on offer for this segment.

The issue was subscribed just 6 percent on Day 1 (June 30, 2023).

GMP: The company's shares traded at a premium of 12 in the grey market on Monday, indicating a muted demand for the IPO. This was the same since June 30.

However, one must note that grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.

The issue opened on June 30 and will close on July 4 and the price band for the offer has been fixed at 140–148.

The issue consists of a fresh issue of equity shares worth 270 crore and an offer for sale (OFS) of up to 73,73,600 equity shares by the promoters and shareholders of the company. Post-issue, the promoter and promoter group stake in the company drops to 68.84 percent from the current stake of 100 percent.

Incorporated in 2000, the company began its journey by managing and operating various hospitality establishments across airports in the country. This experience laid the foundation for the company's Hospitality vertical. In FY 2015, PKH Ventures developed and started owning, managing, and operating two hotels in Mumbai: Golden Chariot Hotel & Spa in Vasai and Golden Chariot, The Boutique Hotel near Mumbai International Airport.

 

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First Published: 03 Jul 2023, 03:35 PM IST