PKH Ventures IPO Sees 21% Subscription on Day 2
PKH Ventures, a construction and development firm based in Mumbai, is experiencing moderate investor interest in its initial public offering (IPO). As of July 3, the second day of bidding, the IPO has reached a subscription rate of 21%.
According to available subscription data from exchanges, investors have purchased 52.78 lakh equity shares out of the total offer size of 2.56 crore shares. The reserved portions for retail investors and high net worth individuals (non-institutional investors) have seen subscription rates of 31% and 30% respectively.
The qualified institutional investors portion has been subscribed by 11%.
Of the total IPO, 15% has been reserved for high net worth individuals, while the remaining 35% is allocated for retail investors.
On the first day of bidding, the IPO saw a subscription rate of 6%. The bidding process will conclude on July 4.
PKH Ventures aims to raise Rs 379 crore through its IPO. The offering consists of a fresh issuance of shares worth Rs 270.2 crore and an offer for sale of Rs 109.1 crore by promoter Pravin Kumar Agarwal.
The price band for the shares is set at Rs 140-148 per share. Notably, the company did not have an anchor book in the offering.
The proceeds from the fresh issue will be utilized by PKH Ventures for the development of a hydro power project through its subsidiary, Halaipani Hydro Project. Additionally, the funds will support long-term working capital requirements in the Garuda Construction project, as well as potential acquisitions and other strategic initiatives.
About PKH Ventures:
Founded in 2000, PKH Ventures Limited is a company engaged in diverse business sectors such as Construction & Development, Hospitality, and Management Services. Among its primary activities is the execution of Civil Construction projects on behalf of Third Party Developers. This specific segment of the company’s operations is conducted through its subsidiary and construction division, Garuda Construction.
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