Seven months after filing for a $75-million public issue on the NYSE, Network18-backed television and e-commerce firm HomeShop18 has finally withdrawn it. The development comes a few months after Network18 was acquired by cash-rich Reliance Industries .

In a filing with the US Securities and Exchange Commission, HomeShop18 said it was not proceeding with this offering but evaluating other means of fund-raising instruments. At a time when other players such as Flipkart and Snapdeal are raising big funds from private equity firms, it would be interesting to see whether HomeShop18 will raise private equity or Mukesh Ambani-led RIL would pump in money into the entity.

The company did not respond to queries from Business Line .

A concrete decision on the IPO took longer than usual at HomeShop18 after the acquisition of its parent company though its CEO and founder Sundeep Malhotra during an earlier town hall meeting told employees that the takeover will not impact business and other decisions at the e-commerce firm.

Network18 owns 53.71 per cent in HomeShop18, and has invested over ₹360 crore in the online retailing business.

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