Fabindia shelves $482 million IPO due to rough market conditions

"The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," Fabindia said.

By: Reuters
Bengaluru | February 27, 2023 11:26 AM IST

FabIndia was planning to raise around $500 million in IPO. (File image)

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Indian apparel retailer Fabindia said it has withdrawn its 40 billion rupee ($482.43 million) initial public offering (IPO) due to rough market conditions, becoming the latest company to shelve listing plans as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