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IPO Casualty #1: Purvankara Projects

The weakness in Indian markets has spilled over to the (lottery) world of IPOs: Purvankara Projects Limited has had to extend its subscription from August 3 to August 8, and drop the price range from Rs 500-525 per share to Rs 400-450 per share. Per the NSE site, the current subscription status is 0.36 (36%) - severely under-subscribed.

If Purvankara had to back off, what’ll happen to the small fry? They better pray for a quick rebound and return of ‘animal spirits’!

This entry was posted on Monday, August 6th, 2007 at 9:54 am and is filed under ipo. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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