Antony Waste Handling Cell has decided to extend the bidding period for its initial public offering till March 16 citing exceptional volatility in markets due to the moratorium imposed on Yes Bank Ltd. which has adversely impacted investor sentiment, according to a company statement on Friday.
"We believe that the exceptional volatility seen in markets today (Friday) has impacted investment decisions for investors across categories and in light of the same, we have decided to extend the bidding period for the issue till March 16, 2020," according to a statement from Antony Waste Handling Cell.
The company believes that the extension will allow current volatility to subside and allow all categories of investors to participate in the issue, it added.
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"Markets have been witnessing significant volatility since the filing of our red herring prospectus. Additionally, the preventive moratorium imposed on Yes Bank has adversely impacted investor sentiment, with the markets falling and significant erosion in the liquidity position across the system and network impacts," it said.
The initial public offering was earlier scheduled to close on Friday. Till 5 p.m. on Friday, the issue was subscribed 50 percent, receiving bids for 24,08,850 shares as against the total issue size of 48,20,508 shares, as per data from the National Stock Exchange.
The IPO comprises a fresh issue of Rs 35 crore and an offer-for-sale of 57 lakh shares, including an anchor portion of 20.65 lakh shares. The price range for the offer has been fixed at Rs 295-300 per share. Antony Waste Handling Cell has raised Rs 60.94 crore from three anchor investors.
The company's shares are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange. Equirus Capital is the manager for the offer.
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