"Price band for the issue has been revised to Rs 115-126. A discount of Rs 5 per equity shares has been offered to retail individual bidders," as per the information available with the exchanges.
The issue, which opened on August 28, was scheduled to close today. Now, the the IPO will conclude on September 4.
According to experts, price revision has been done due to low price band of peer groups and the extension of the issue period have been announced due to volatile stock markets.
The low level of subscription comes amid the benchmark BSE Sensex plunging by 587 points on the back of weak GDP numbers, along with downbeat global macros.
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While Sadbhav Infrastructure Project' IPO was subscribed 20 per cent today, the second day of subscription.
Prior to that, IPOs of three companies -- Shree Pushkar Chemicals and Fertilisers, Pennar Engineered Building Systems and Navkar Corporation -- saw an over-subscription last week. These IPOs managed to sail through amid volatile secondary markets.
At the upper end of the price band, the milk and dairy products firm could have raised Rs 535 crore while at the lower end, it would have mobilised about Rs 510 crore.
The proceeds from the fresh issue was planned to deploy for payment of loans, capital expenditure and general corporate purpose.
The qualified institutional buyers subscribed by 37 per cent, while portion reserved for retail category subscribed by only five per cent till yesterday.
Sadbhav plans to raise Rs 425 crore through fresh issue of equity shares and an offer for sale of up to 32.36 lakh equity shares by existing investors, including the anchor investor portion. The price band has been fixed at Rs 100-103.
The funds raised through the issue will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway Pvt (SUTPL) and part-financing of the SUTPL project.