Fabindia shelves $482 million IPO due to rough market conditions
时间:2024-06-26 13:21:48 阅读(143)
Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets.
India’s benchmark Nifty 50 stock index is down over 4% so far this year on worries that major central banks, including the U.S. Federal Reserve, will prolong a high interest rate regime due to a persistent rise in inflation. Fabindia’s listed rivals Vedant Fashions, Aditya Birla Fashion and Retail and Arvind Fashions are down 14%-21% this year.
“The withdrawal … will allow Fabindia to explore other options of liquidity. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions,” the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.
Sixty-two-year-old Fabindia, popular for its sustainable and traditional Indian wear, also said that several global ESG-focused funds had expressed keenness to invest in the company. It did not provide additional details.
上一篇:Accent Microcell’s IPO opens on December 8 with price band between Rs 133–140
下一篇:Year ahead- Oil markets may remain volatile in 2024 also
猜你喜欢
- Nifty’s trend non-directional, BFSI stocks witness profit-booking; Hindalco, TVS Motors among stocks to buy
- Adani Enterprises among 172 BSE stocks to hit new 52-week highs; Bandhan Bank, Reliance Cap at fresh lows
- Adani Enterprises, Ultratech Cement, ICICI Lombard, IndusInd Bank, L&T Tech, HDFC AMC stocks in focus
- 60% businesses in India have responsible AI practices- Nasscom
- Abans Holdings IPO shares witness flat debut; shares fall 15% after poor listing
- Nifty, Sensex end higher for 3rd straight day; market trend bullish, volatility to persist
- 5 steps to navigate cyberthreats during this holiday season
- 15 states, 66 days, 6,700 km- Congress lays down roadmap for ‘Bharat Jodo Nyay Yatra’
- Adani family trust sells Rs 15,446-cr stock to GQG