Fabindia shelves Rs 4,000 crore IPO

Fabindia had planned the IPO with a fresh issue of shares worth Rs 5 billion

Representative image. Credit: iStock Photo

Apparel retailer Fabindia said it has withdrawn its Rs 4,000 crore initial public offering (IPO) due to rough market conditions, becoming the latest company to shelve listing plans as interest rate worries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 Rs 500 crore and a sale of up to 251 thousand in existing shareholders' stock.