Emaar MGF IPO has been withdrawn and the company has stated that it will refund the application money back to the investors in another 10-15 days. Main reason for the withdrawal of Emaar MGF IPO was because of the market sentiment and high pricing. Primary markets are facing tough time as lot of issues have to be extended and some of them getting withdrawn. Wockhardt Hospitals IPO Withdrew its IPO yesterday and SVEC IPO has extended the issue closing date to 13th of February, 2008.
Emaar MGF has revised its price band twice initially priced at Rs. 610 – 690 the company has reduced it to to Rs 540-630, with the subscription not getting done the company has extended the issue to 11th February and changed the price band to o Rs 530-630. Emaar MGF IPO Subscription today was over 0.84 times in the morning but suddenly QIBs and HNIs have started withdrawing their bids and the subscription dropped from 0.84 times to 0.43 times which made the company to rethink its IPO plans and has announced the withdrawal.