Bluplast pulls out IPO

MUMBAI: Bluplast Industries has become the first victim of the market meltdown.

The company has withdrawn plans to raise Rs 35.2 crore through a public issue.

This is after it had got clearance from the Securities and Exchange Board of India and the Registrar of Companies.  If at all it plans to raise money from the markets later, it will have to file its prospectus afresh.

Meanwhile, the public issue of Vigneshwara Exports, has been subscribed only 88.8% times, according to figures available from the National Stock Exchange website. The issue had closed on June 16.

Public issues have to be subscribed at least by 90% for them to go through. 

An official from Karvy Investor Services, the lead manager to the Vigneshwara Exports issue, denied that the company’s issue was undersubscribed.

He said there are no concerns and that the electronic book needs to be matched with the physical book.