Nandan Terry cancels IPO, reasons unknown

14 Jun 2022 , 01:56 PM

The Chiripal group’s Nandan Terry has opted to cancel its Rs255-crore initial public offering (IPO). The IPO was to be a completely new issue of equity shares. The proceeds of the offering were to be utilized to pay off debt, provide operating capital, and make general corporate recommendations.

On December 10, 2021, the business filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO with the Securities and Exchange Board of India (SEBI).

The draft offer documents for the IPO, however, were withdrawn on June 7, and the reasons for the withdrawal were not disclosed, according to a Monday update with the market regulator.

Nandan Terry was founded in 2015 and is situated in Ahmedabad. It is a completely vertically integrated firm that manufactures terry towels and towelling goods. The cotton yarn produced at the company’s facilities is also sold.

Uma Converter has already withdrawn its scheduled Rs 36-crore initial public offering (IPO) on May 30. The DRHP was filed by the corporation in July of last year.

The net proceeds of the offering were to be used to upgrade the company’s production facilities in Timba, Gujarat, as well as repay unsecured liabilities.