Dilip Buildcon IPO to be delayed

The Bhopal-based company filed its draft red herring prospectus with the capital market regulator SEBI in March 2015 and received approval in June.

Dec 01, 2015 08:12 IST India Infoline News Service

IPO
The initial public offering (IPO) of Dilip Buildcon Ltd. is unlikely to be launched in the current financial year due to uncertain outlook for the equity markets, reports a business daily.

“Our bankers are advising us to wait, they are saying we need to hold on and figure out when the market gets better... Even though SEBI has cleared a lot of IPOs, none of these guys have hit the market,” Head of Strategy & Planning Rohan Suryavanshi has been quoted as saying

He is the son of Dilip Buildcon founder Dilip Suryavanshi.

The Bhopal-based company filed its draft red herring prospectus (DRHP) with the capital market regulator SEBI in March 2015 and received approval in June.

The IPO was expected to be launched in August.

Dilip Buildcon still has time till June 2016 to launch the IPO, which would comprise fresh issue of equity shares worth up to INR 650 crore and offer for sale of up to 1.49 crore equity shares by its existing shareholders.

Axis Capital, Deutsche Equities India and PNB Investment Services are the book-running lead managers to the IPO.

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