With immediate effect due to lukewarm response
NCML Industries today, 9 January 2015 said that the company has decided to withdraw its initial public offer (IPO) with immediate effect due to lukewarm response.
The company and selling shareholders have decided in their board meeting held yesterday, 8 January 2015 at 17:40 IST to withdraw the offer for sale with immediate effect keeping in view the lukewarm response, NCML Industries said in a statement today, 9 January 2015.
The initial public offer (IPO) of NCML Industries was subscribed 0.45 times, as per data at 17:00 IST on NSE yesterday, 8 January 2015. The IPO had received bids for 26.88 lakh shares compared with 60 lakh shares on offer on the ninth day of bidding for the IPO yesterday, 8 January 2014.
NCML Industries had on 2 January 2015, extended its IPO closure date to 9 January 2015 from the initial scheduled closure of 2 January 2015 and revised the price band downwards to Rs 80 to Rs 90 a share from Rs 100 to Rs 120 a share set earlier. The issue had opened for subscription on 29 December 2014.
The issue of 60 lakh equity shares of face value of Rs 10 each, i.e., 25.48% of the share capital, was an offer for sale by shareholders Mohit Nidhi Agro Oil, Sundaram Distributors and Jagprem Vyapaar. Post offer, Mohit Nidhi Agro Oil will hold 4.8%, Sundaram Distributors 4.4% and Jagprem Vyapaar 1.8% in the company.
The object of the issue was to achieve the benefits of listing the equity shares on stock exchanges, enhance the visibility and brand image among existing and potential customers and provide liquidity to the existing shareholders.
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NCML Industries had reported net profit of Rs 6.65 crore on new sales of Rs 879.18 crore in the quarter ended June 2014.
NCML Industries imports, manufactures and markets edible oil including soybean oil, cottonseed oil, palm oil (palmolein), mustard oil and rapeseed oil in India. Refined soybean and refined cottonseed are sold under the brand, Maanik, refined soybean (premium quality) as Maanik Gold, refined palm oil as Shaan, mustard pakki dhani as Moti, and mustard kacchi dhani as Pearl.
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