Fabindia IPO Plans: The fall in the stock market and the bad sentiment in the IPO market has borne the brunt of another company’s plan to launch an IPO. The country’s leading apparel retail company Fabindia has put on hold its plan to launch its IPO. Due to the huge upheaval in the market, Fabindia has announced to withdraw its IPO. After jewelry company Joyalukkas, Fabindia is the second company that has decided not to launch an IPO.
Fabindia had earlier decided to raise $482.43 million or Rs 4000 crore through an IPO. In which 500 crore rupees were to be sold through fresh issue and 25.1 million shares to the existing shareholders in the IPO. The company had filed a draft paper with the stock market regulator SEBI in January 2022 for approval for the IPO launch, which was also approved by SEBI in April 2022. Giving information about the withdrawal of the IPO, Fabindia said that the decision to withdraw the IPO has been taken in view of the current market conditions. This is not the right time for listing the company on the stock exchange.