Business Standard

Fabindia withdraws $482 million IPO due to rough market conditions

Fabindia said it has withdrawn its $482.43 million IPO due to rough market conditions, becoming the latest company to shelve listing plans as interest rate worries pressure stock markets

Photo: Bloomberg

Photo: Bloomberg

Reuters BENGALURU
BENGALURU (Reuters) - Indian apparel retailer Fabindia said it has withdrawn its 40 billion rupee ($482.43 million) initial public offering (IPO) due to rough market conditions, becoming the latest company to shelve listing plans as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)
 
(Reporting by Aleef Jahan in Bengaluru; Editing by Janane Venkatraman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 27 2023 | 11:29 AM IST

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