Last Updated: February 27, 2023, 12:51 IST
Indian apparel retailer Fabindia said it has withdrawn its 40 billion rupee ($482.43 million) initial public offering (IPO) due to rough market conditions, becoming the latest company to shelve listing plans as interest rate worries pressure stock markets.
“The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing,” Fabindia said in a statement on Monday.
Fabindia had planned the IPO with a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders’ stock.
($1 = 82.9130 Indian rupees)
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
