Fabindia withdraws its IPO

The retail clothing company, Fabindia, which had its plans to go public this year has withdrawn its initial share sale documents for its proposed ₹4,000 crore IPO amid market uncertainty.

According to report, the decision to withdraw was taken as the current market conditions were not conducive for listing, adding that Fabindia will now explore other liquidity options, including filing for an IPO in the future, depending on its need for growth capital and market conditions.

FabIndia had filed its draft red herring prospectus (DRHP) with the regulator on January 24 this year. According to the DRHP, the company’s maiden public offering includes a fresh issue of shares worth up to Rs 500 crore, and an offer for sale (OFS) of up to 2,50,50,543 shares.