Despite roping in country?s four leading investment banks, the IPO of Ahmedabad-based Claris Lifesciences is a damp squib. Owing to lukewarm response, the company has lowered the price band by 20% and also extend the issue by four working days.
The Rs 300-crore offering, which was supposed to close on Friday, managed to garner only 53% subscription, according to data provided on NSE website. S Subramanian, managing director ? investment banking, Enam Securities, which is a lead manager to the issue, blamed ?poor market conditions? for the tepid response. The IPO has been extended till December 2 and the price band for the issue has been lowered to Rs 228-235. Earlier, the issue was priced at Rs 278-293.
As per data on the exchanges?s website, the issue witnessed 15% subscription in the qualified institutional segment, 10.3% in the HNI segment and 121% in the retail segment.