Friday, February 6, 2009

Gemini Engi Fab withdraws IPO

Looks like lot of investors followed what we wrote in our previous post regarding Gemini Engi Fab!! And the company realized it soon!!

Mumbai-based Gemini Engi Fab has called off its initial public offer on Monday, a day before its scheduled opening. Poor response from qualified institutional buyers (QIB) is the main reason cited by he merchant banker for the cancellation of the issue. The company had earlier postponed the issue by a month and a half and the price band was reduced substantially.

Up to 50 per cent of the issue was reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional investors.

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