Fabindia Withdraws $482 Million Public Offer Due To Rough Market Conditions

Apparel retailer Fabindia said it has withdrawn its 40 billion rupee ($482.43 million) initial public offering (IPO) due to rough market conditions, becoming the latest company to shelve listing plans as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.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)