Mumbai: A volatile market has taken its toll on the initial public offers of realty major Emmar MGF Land and hospital chain Wockhardt. While Emmar IPO could muster subscription of only up to 0.83 times as of today, after two price revisions and an extended sale, Wockhardt has opted to withdraw its IPO and return money to investors.

Emaar IPO was subscribed 0.83 times as of today, as per the data available on NSE website, after the realty firm slashed its offer price for a second time and extended its offer by three days.

The revised offer price is between Rs530 to Rs630 a share and now it will close on February 11.

"This marginal revision in the price band is in conformity with the Securities and Exchange Board of India (SEBI) guidelines on extension of the bidding period," the company said in a release.
 
Emaar MGF, a joint venture between Dubai's Emaar Properties PJSC and Delhi-based MGF Developments Ltd, had opened its road show with a Rs610-690 price band.

The issue was meant to dilute nearly 10.40 per cent of the expanded equity of Rs985.93 crore.

At the lower band of Rs530 per share, the issue would translate into a market capitalisation of Rs52,000 crore for the company.

The issue has been assigned an IPO grading of 4 out of a possible 5 by rating agency CARE.

According to NSE data, the IPO received 85.37 million bids, or 83 per cent of the issue of 102.57 million shares.

CNBC, meanwhile, reported that Wockhardt Hospitals is withdrawing its IPO and is arranging to return money to investors.
Wockhardt Hospitals' IPO which opened for subscription on January 31, has received subscription of 0.18 times as the market closed today.

The company had come out with an IPO of 25,087,097 equity shares of Rs10 each for cash at a price band of Rs225 to Rs260 through 100 per cent book building process.

Wockhardt had initially offered to sell shares between Rs280 and Rs310.

The IPO has received total bids for 4,588,680 equity shares against the offer, with 3235640 bids at the cut-off price. The issue, which was to close for subscription today, has been extended for another two days amidst rumours of the IPO being withdrawn.

Fitch Ratings India Pvt Ltd. had given Wockhardt Hospitals four out of five points in IPO grading, indicating ``good fundamentals.''

The Wockhardt group, with interests in drugs and biotechnology, had planned to use the money to double its hospital chain to 31 in two years.