Emaar MGF

Emaar MGF withdraws Initial Public Offer due to low investor response

Emaar MGF has withdrawn its Initial Public Offer as the investor sentiment remain weak. Due to lack of investor interest in IPO, the company had to revise its issue price band twice. The company also extended its IPO date two days earlier.

As per NSE data, the issue was subscribed 0.83%. The retail investor portion was subscribed only 0.47%.

Emaar MGF is a joint venture between MGF Development group of India and Emaar Properties of Dubai. The Real estate major had plans to fund its various ongoing projects and acquisition of land with the money raised after public issue.

Indian IPOs Market Back On Track

India is being praised as the saviour of the global Initial Public offerings (IPO) market with Rs 13000 Crores worth of proceedings from eight deals making India the largest IPO market in the world so far this year, but on the other side the Indian IPO are going in a tough condition they are not getting the much response from the investors at the moment.

Emaar MGF Slashes IPO Price, Extends Closing Date, Issue Subscribed 0.83%

Reality firm, Emaar MGF Land Ltd, has slashed its IPO price for a second time and extended its offer by three days, due to market volatility. The revised offer price is between Rs 530 to Rs 630 a share and now it will close on Feb 11.

Company in a release said, "This marginal revision in the price band is in conformity with the Securities and Exchange Board of India (SEBI) guidelines on extension of the bidding period."

Emaar MGF To Cut IPO Prices Down

Real Estate major Emaar MGF Land, which has recently came out with its new IPO, has now decided to cut the offering price of shares a day before opening. It is the second company to reduce the offering price because of the market volatility.

The company on Thursday reported, the IPO price range, initially set at 610 rupees to 690 rupees per share, would be reduced to 540 rupees to 630 rupees, This means that the company can raise up to Rs 6,457 crore at the higher end of the asking price.