Alkali Metals has decided to extend the last date for its initial public offer (IPO) to October 15, 2008 in the price band of Rs 86 to Rs 103 per equity share of Rs 10 each due to global meltdown.

According to the company, the IPO of Alkali Metals remains undersubscribed on the third day of its opening. The issue received total bids for 8.63 lakh shares as against 25.50 lakh shares on offer, as on 10 October 2008.

Alkali Metals is a Hyderabad-based manufacturer of fine chemicals. The Company proposes to utilize the net proceeds of the Issue to part finance its expansion plan involving setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City, Visakhapatnam, with an installed capacity of 672 MTPA.

ICRA Ltd has assigned grade 2/5 to the Issue and the equity shares are proposed to be listed on BSE and NSE.

The issue, which was initially scheduled to close on 10 October 2008, will now close on 15 October 2008.