Dinesh Engineers withdraws IPO on weak sentiment

Dinesh Engineers, a communication infrastructure provider, has withdrawn its initial public offering (IPO) due to weak demand. This is the first IPO to be withdrawn in 2018. The issue was subscribed just 17 per cent on the third and last day of the offer on Wednesday.

The company opened its public offer on Friday September 28, with a price band of Rs 183-185 per share.

“Book running lead manager to the Dinesh Engineers has informed the exchange that the entire application money shall be refunded forthwith and the IPO may be treated as withdrawn,” the exchange said. The company expected to raise Rs 185 crore for business expansion and general corporate purposes and to meet public issue expenses.