MM Auto rollback IPO application: Report
28/04/2015 15:54
MM Auto Industries, a manufacturer of precision metallic coil springs, has withdrawn its proposed initial public offer application, as per PTI report. However, the company did not disclose the reason for the cancellation of the public listing of its share. The company has filed draft offer documents with capital market regulator Securities and Exchange Board of India (SEBI) on April 1 to use the proceeds to expand the manufacturing capacity of its plants and to meet the long-term working capital requirements, general corporate purposes and public issue expenses. According to data available with Sebi, the Gurgaon-based company had withdrawn the IPO application on April 18 through its lead merchant banker Mefcom Capital Markets Ltd. With this development, MM Auto became the third company to withdraw its IPO plans after Videocon D2H Ltd and CL Educate, who rollback their public listing plans earlier this year.
28/04/2015 15:54
MM Auto Industries, a manufacturer of precision metallic coil springs, has withdrawn its proposed initial public offer application, as per PTI report. However, the company did not disclose the reason for the cancellation of the public listing of its share. The company has filed draft offer documents with capital market regulator Securities and Exchange Board of India (SEBI) on April 1 to use the proceeds to expand the manufacturing capacity of its plants and to meet the long-term working capital requirements, general corporate purposes and public issue expenses. According to data available with Sebi, the Gurgaon-based company had withdrawn the IPO application on April 18 through its lead merchant banker Mefcom Capital Markets Ltd. With this development, MM Auto became the third company to withdraw its IPO plans after Videocon D2H Ltd and CL Educate, who rollback their public listing plans earlier this year.
