After having gone through price band revision and extension of bid dates, the initial public offer (IPO) of Wockhardt Hospital on final day (Thursday) of its issue was subscribed by just 0.26 times (26 per cent). 

This left the promoters with no choice but to withdraw the IPO. Now the company will have to refund the application money within 15 days. Under Sebi listing rules, any IPO promoter who fails to muster 90 per cent of subscription or applications from 1,000 investors will have to withdraw the offer and refund money.

As on closing day (February 7), Wockhardt Hospital received bids for 32.658 lakh shares, as against 2.50 crore shares on offer, according to NSE website. Earlier, it had extended closing date by two days due to poor response to the IPO after opening for subscription on February 1. The company also lowered the price band to Rs 225-260 per share from Rs 280-310 per share. Wockhardt had come out with the IPO to set up 17 new hospitals by 2010 as also repay some debt component. 

Other vulnerablesThe other two IPOs on offer, Emaar MGF Land and SVEC Constructions are also in precarious state. While Emaar MGF Land IPO was subscribed 0.70 times by day four and SVEC also met with muted response of 0.69 times with no contribution from QIB segment at all. In case of Emaar MGF Land IPO, the promoters had announced second price cut for its IPO on Wednesday and extended the closing date to Monday next, due to poor response.

It also revised price band to Rs 530 to Rs 630 per share from original price band pegged at Rs 610 to 690 per equity share.

But for Future Capital Holdings and Reliance Power IPOs, primary capital market has taken a turn for worse, with the sluggish secondary capital market and liquidity problems, besides weak global trends.