The promoters of Goodwill Hospital and Research Centre have withdrawn the company’s initial public offer (IPO) due to poor investor response.

The IPO worth Rs 62-crore had opened for subscription on December 30, 2011 and have an issue price Rs 175-185 a share. The company only received bids for 22,015 shares while the total version of 35,42,857 shares on offer.

Market analysts said that the weak market condition was the reason for the low response to the IPO. The small size issue was subscribed just 1 per cent on the penultimate day, according to bid data collated for both the NSE and the BSE. This has been the worst ever openings for an IPO in the domestic market in recent times.

The IPO failed to attract any investment from institutional investor and only received investment from retail investors and some from corporate investors. Goodwill Hospital and Research Centre is owned by the Chawla family and led by its chairman Kuldeep Chawla and his daughter-in-law Namrata Chawla.

SPA Merchant Bankers was the book running lead managers for the issue in which the company was looking to raise Rs 62 crore.