Plastene India, a manufacturer of bags and woven sacks, received less than 30 per cent bids for the 9.25 million shares on offer. The company received hardly any bids under the institutional investor and the retail category, while the wealthy investor category got subscribed 1.76 times, according to data on the National Stock Exchange. Plastene IPO 84 Samvardhana Motherson 1,665 Goodwill Hospital 62 Source: BS Research Bureau "The IPO has been called off due to unfavourable market conditions," said an official at Motilal Oswal Investment Advisors, the lead manager to the issue. The official said the company will now look at raising money from strategic investors. According to market experts, weak secondary market conditions and losses in newly-listed IPOs is taking a toll on investor sentiment. India's benchmark indices are down more than 10 per cent from their February highs.