Plastene India has withdrawn its initial public offer (IPO) due to poor response. The IPO was subscribed just 29%. The company had fixed price band of Rs 81 to Rs 84 per share for the IPO which had opened for bidding on 9 May 2012.

Category wise, non-institutional investors portion was subscribed 1.76 times and retail individual investors by 0.05 times. Qualified institutional buyers did not bid for any shares.

The proceeds from issue of shares were to be used by the company for expansion of manufacturing facilities.

The company's consolidated net profit stood at Rs 10.95 crore on net sales of Rs 382.51 crore for ten months ended January 2012.

Plastene India, promoted by Champalal G. Parekh, Prakash Parekh and Madhu P. Parekh, is engaged in the integrated business of manufacturing Jumbo bags, woven sacks (comprising of laminated woven sacks and BoPP laminated woven sacks), flexible packaging (comprising of printed laminates, preformed pouches, surface printed three-layer films and liners), woven fabric, tarpaulins and other products mostly used in self consumption which comprises of UV master batch, anti-fab master batch, multifilament yarn and webbings.

Plastene India is the third company this year to withdraw is IPO due to poor response after Samvardhana Motherson Finance withdrew its IPO early this month and Goodwill Hospital in January 2012.