Tara Health Foods Limited which had tapped the capital markets with its IPO which opened on Wednesday the 28th of April and scheduled to close on Friday the 30th of April, was first extended because the issue did not garner adequate response. On extension there was a reduction in the price band from the original Rs 180-190 to Rs 175-185. At the end of the extended bidding period, the subscription received for an issue planning to sell 1 crore shares was a mere 51 lakh shares. It should be mentioned that the company had successfully completed its allotment of 15 lakh shares to anchor investors.

This is the first IPO to be withdrawn since the IPO’s began in June 2009. There have been over fifty issues since then. The last time that an IPO was withdrawn was probably when two back to back issues were withdrawn in February-March 2008. These issues were from Wockhardt Hospitals and Emaar MGF.