Mumbai, Feb. 12: Another one bites the dust.

SVEC Constructions Ltd today called off its initial public offering (IPO) citing dismal subscription levels even after extending the issue till February 13.

The building and construction firm’s decision to scrap the issue is the third since Wockhardt Hospitals and Emaar MGF called off their public offers.

SVEC, which floated its IPO on February 4, had offered 40 lakh shares in the price band of Rs 85-95 originally. It later extended the closure date by three days and trimmed the price band to Rs 80- 90.

Hyderabad-based SVEC received bids for barely 9,81,820 shares, or 24.55 per cent subscription, till the end of February 12, a day before the issue’s closing date.

Although the issue size of SVEC was smaller than Emaar MGF and Wockhardt, the withdrawal of three IPOs in a row certainly implies that there is something seriously wrong with the primary market.

Others who were waiting to hit the market with their issues are expected to wait till the market stabilises.

At present, there is only one IPO in the market: GSS America Infotech Ltd. The company launched its offer for about 34.97 lakh shares yesterday in the price band of Rs 400-440.

The issue, which is scheduled to close on February 15, received bids for just 6.52 per cent of its shares on offer.