The Indian clothing retailer Fabindia announced that it has cancelled its initial public offering (IPO) of 40 billion rupees ($482.43 million) due to challenging market conditions. This makes it the latest company to abandon its plans to list on the stock market as concerns about rising interest rates mount. According to a statement released by Fabindia on Monday, “The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing.” In order to raise money for its first public offering, Fabindia planned to issue new shares worth 5 billion rupees and sell up to 25.1 million shares of current shareholders.

Key Points

• The Indian clothing retailer Fabindia announced that it has cancelled its initial public offering (IPO) of 40 billion rupees ($482.43 million) due to challenging market conditions.

• In order to raise money for its first public offering, Fabindia planned to issue new shares worth 5 billion rupees and sell up to 25.1 million shares of current shareholders.

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