"We believe that the exceptional volatility seen in markets today (Friday) has impacted investment decisions for investors across categories and in light of the same, we have decided to extend the bidding period for the issue till March 16, 2020," according to a statement from Antony Waste Handling Cell.
The company believes that the extension will allow current volatility to subside and allow all categories of investors to participate in the issue, it added.
"Markets have been witnessing significant volatility since the filing of our RHP (red herring prospectus). Additionally, the preventive moratorium imposed on Yes Bank has adversely impacted investor sentiment, with the markets falling and significant erosion in the liquidity position across the system and network impacts," it said.
The initial public offering (IPO) was earlier scheduled to close on Friday.
Till 1700 hrs on Friday, the issue was subscribed 50 per cent, receiving bids for 24,08,850 shares as against the total issue size of 48,20,508 shares, as per data from the National Stock Exchange.
The IPO comprises a fresh issue of Rs 35 crore and an offer-for-sale of 57 lakh shares, including anchor portion of 20.65 lakh shares.
Price range for the offer has been fixed at Rs 295-300 per share.
Antony Waste Handling Cell has raised Rs 60.94 crore from three anchor investors.
The company's shares are proposed to be listed on the BSE and NSE.
Equirus Capital is the manager for the offer. SUM HRS