Scotts Garments has extended the initial public offer (IPO) till 3 May 2013 due to muted investor response. The company has also revised the price band to Rs 118-120 per share, from Rs 130-132 per share set earlier.
The bidding for the IPO began on 25 April 2013. Scotts Garments had earlier decided to close the issue on 29 April 2013. But the poor investor response forced the company to extend the issue.
By 17:00 IST on 30 April 2013, the IPO was subscribed 0.25 times and got bids for 26.44 lakh shares compared with 1.05 crore shares on offer.
Scotts Garments manufactures hi-fashion readymade garments. It has domain expertise in providing sampling and design and has additional facilities such as embroidery, printing, dyeing and washing. Presently, it is largely engaged in manufacturing and export of readymade garments.
The company will utilize the funds for setting up unit for trouser manufacturing at Doddaballapur, Karnataka, and knitting and fabric processing at Kagal, Kolhapur.
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