Prabhat Dairy extends IPO closing; cuts price

The IPO, which was supposed to close on Tuesday, received just 28% subscription

Poor demand has forced Maharashtra-based Prabhat Diary to slash price band and extend the closing date for its initial public offer (IPO). The IPO, which was supposed to close on Tuesday, received only 28 per cent subscription, forcing the company to reduce it offer price by as much as 22 per cent.

The company revised its IPO price band to Rs 115 and Rs 126, compared to the earlier band of Rs 140 and Rs 147. The issue will now close on Friday. The fresh issue component of the issue, however, will remain at Rs 300 crore.