Fabindia, a leading retailer of artisan products and lifestyle items, on Monday, said it has shelved its plans to launch an initial public offering of around Rs 4,000 crore due to present volatile market conditions.

The company has withdrawn its Draft Red Herring Prospectus (DRHP) filed with market watchdog Sebi for a public listing, a Fabindia spokesperson said. When asked about the reason for scrapping the IPO plan, the spokesperson said, “The decision to withdraw was taken as the current market conditions were not seen to be conducive for a listing of our size.”

The validity of Fabindia’s DRHP, which proposed an offer for sale (OFS) of up to 2.50 crore shares, was ending in April 2023. The proposed IPO was expected to be worth around Rs 4,000 crore and Fabindia had plans to use the proceeds for voluntary redemption of the company’s NCDs, payment for borrowings and general corporate purposes.

PTI