SVEC 3rd IPO casualty in a week

As per the NSE data, the QIB portion of the SVEC got bids for only 420 shares as against the quota of 20 lakh shares. SVEC Constructions had extended the IPO closure date from February 8 to February 13. The issue opened February 4. The company had also revised the price band of the IPO to Rs 80-90 per share from the earlier Rs 85-95.

SVEC is the third IPO to be withdrawn from the market within the last week, on account of poor response and a turbulent secondary market. On February 7, Wockhardt Hospitals pulled its 165 million IPO, followed by real estate developer Emaar MGF, which withdrew its 1.6 billion IPO the next day.

On the other hand, stock markets continued to reel under selling pressure. The markets on Tuesday closed 0.14 per cent down after a see-saw day, shedding early gains of more than 2 per cent as jittery investors trimmed exposure in a market that has fallen 11 per cent over five sessions.

The Sensex ended down at 16,608.01, with 25 of its components in the negative. It rose as high as 16,966.72 during the day and fell to a low of 16,565.48. 8220;Many IPOs, especially big ones, are likely to be delayed due to the turmoil,8221; investment bankers said.