ITI has withdrawn its follow-on public offer (FPO) citing “prevailing market conditions”.

The move has been undertaken in consultation with the book running lead managers to the issue, namely, BOB Capital Markets, Karvy Investor Services and PNB Investment Services.

The announcement comes after ITI extended the issue period for its FPO twice amid tepid response from investors. The FPO was opened on January 24, 2020, and was initially scheduled to close on January 28, 2020. However, the company later revised the closing date to February 5, 2020. Additionally, it had reduced the price band to Rs 71-Rs 77 per share for its FPO from Rs 72- Rs 77 apiece.

The company expected to mop-up Rs 14 billion, at the upper end of the price band.

As per the national stock exchange (NSE), the issue was subscribed 62 per cent, as of February 5, 2020.