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IPO News

Wockhardt Hospitals’ bids delayed by snag(The Hindu Business Line 1st Feb 2008)Wockhardt Hospitals’ IPO (Initial Public Offering) has become the first casualty of sorts in a volatile stock market. The hospital-major’s IPO that opened on Thursday did not register even a single bid on the first day, it appears, due to a technical glitch that followed its revised price band.
On Wednesday evening, Wockhardt Hospitals had lowered its price band to Rs 225-260, from the earlier Rs 280-310. 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, a representative with lead-manager Kotak Mahindra Capital Company told Business Line.
Bids 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, he explained. More
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