Last updated: February 27, 2023, 12:51 PM IST
Indian clothing retailer Fabindia said it has withdrawn its initial public offering (IPO) of 40 billion rupees ($482.43 million) due to the difficult market conditions.
“The decision to withdraw was taken because current market conditions were not considered conducive to a listing,” Fabindia said in a statement Monday.
Fabindia planned the IPO with a new issue of shares worth Rs 5 billion and a sale of up to 25.1 million of existing shareholder shares.
($1 = 82.9130 Indian Rupees)
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