Well, there is no point in any guessing. Issue subscription period was 18.08.17 to 23.08.17 and it did received 1640000 shares subscription on 18.08.17 and by 210817 eve it has total bids for 2540000 i.e. oversubscription by over 1.6 times, still it stood cancelled and withdrawn as per remarks on NSE Web as under:
Seven Hills Beverages Limited
Attn Members : M/s Seven Hills Beverages Limited, has informed the Exchange that due to internal technical reasons they have decided to withdraw / cancel the Public Issue, the entire application money shall be unblocked fothwith.
Symbol SHBL
Series EQ
Issue Period 18-Aug-2017 to 21-Aug-2017
As management has decided to call off the issue, it is cancelled and subscription amount will be unblocked soon.
Thus despite getting better response than Servotech it is withdrawn. So now investors should ask for explanation as to why management has decided to withdraw it. As per market reports, Bisleri has intervened and asked for better valuation at a latter date. In that case, Management has to clarify as to whether Bisleri was not aware of the IPO? Was it not informed? What has transpired post opening of the IPO to take such decision. NSE Web has mentioned about INTERNAL TECHNICAL REASON - what are those? Will management clarify on this for transparency? If management is willing to come back at a later date, they have to keep investors informed on the developments and valid reason for their withdrawal of this issue.
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Dilip Davda
SEBI registered Research Analyst
Mumbai
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