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    Saturday , May 07, 2016


   Publication: The Economic Times , Agency:Bureau
   Edition: Hyderabad/ Pune/ Ahmedabad/ Chennai/ Kolkata/ Chandigarh/ Mumbai , Page No: 6 , Location: Top Left , Size(sq.cms): 80

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Parag Milk Foods Extends IPO Till Wednesday, Reduces Lower End of Price Band
Our Bureau
Mumbai: Tepid demand and chop­py market drove Parag Milk Foods to lower offer price for its maiden issue as well as extend the closing date for receiving applications from investors.
The initial public offering, which was due to close on Friday, has now been extended till Wednesday The price band has been revised to Rs.215 -227 from Rs.220- 227 in order to "accom­modate pending demand from certa­in international and domestic inves­tors, " said a company release.
The issue opened for subscrip­tion on May 4, but received a muted response, partly due to its steep pricing, analysts said.
According to market grapevine, the IPO may have been extended as some institutional investors could not upload their bids due to techni­cal issues. However, this was not confirmed by the intermediaries involved in the equity offering.
The issue was subscribed 1.3 ti­mes at the end of the third day on Friday, receiving total bids for 2.54 crore shares against 1.92 crore sha­res on offer, NSE data showed.
The portion for qualified insti­tutional buyers (QIBs) was un­der-subscribed at 0.55 times, while the quantum reserved for non-institutional investors and retail individual investors was subscribed 2.66 times and 1.72 ti­mes, respectively.
The portion reserved for employ­ees was subscribed 0.96 times.
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Date: Saturday , May 07, 2016
Publication: The Economic Times, Agency: Bureau
Edition: Hyderabad/Pune/Ahmedabad/Chennai/Kolkata/Chandigarh/Mumbai, Page No: 6, Location: Top Left, Size(sq.cms): 80