Fabindia canceled plans to bring IPO
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A Fabindia spokesperson said on Monday that the company has also withdrawn the initial draft (DRHP) application filed with market regulator SEBI for listing on the stock market.
Fabindia, a company that sells artisan-made products, has called off plans to bring its initial public offering (IPO) of around Rs 4,000 crore in view of the current market conditions. A Fabindia spokesperson said on Monday that the company has also withdrawn the initial draft (DRHP) application filed with market regulator SEBI for listing on the stock market.
On the decision to cancel the IPO plan, the spokesperson said, “The reason for not coming up with the IPO is that the size of the IPO that we are coming up with is not favorable considering the current market situation.” The validity of the issue offer of Fabindia was expiring in April, 2023. Through this, there was a plan to bring an offer for sale (OFS) of 2.5 crore shares.
If fully subscribed, Fabindia was expected to raise around Rs 4,000 crore from the IPO. The spokesperson said the company would look for other options to raise funds and may also consider an IPO in the future. Established in the year 1960, Fabindia buys and sells products made by over 40,000 artisans and craftsmen across the country.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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