Wockhardt hospitals' initial public offering opens for subscription on February 1 instead of January 31. The hospitality major's IPO that opened on Thursday did not register even a single bid on the first day due to technical glitch that followed its revised price band. Wockhardt Hospitals had lowered its price band to Rs225-260 on Wednesday from its earlier Rs280-310. This late development needed to be incorporated into the 'systemic configuration' at the stock exchanges and this is what led to the confusion on day one. Bids that were made on Thursday were not reflected on the system because of the revision in the price band that required the system to be reconfigured. The bids would get reflected only after they are entered in the system, a process that was kept on hold on Thursday.
The SEBI approval was pending given that the company had issued a statement late in the evening on January 30, revising the price band. Wockhardt is the first company to revise its issue size and price band post the recent plunge in equity markets.
The SEBI approval was pending given that the company had issued a statement late in the evening on January 30, revising the price band. Wockhardt is the first company to revise its issue size and price band post the recent plunge in equity markets.
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