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Private equity firm Milestone Capital has withdrawn its Draft Red Herring Prospectus, which it had filed with SEBI for its initial public offering. The company in a statement said, “The Board of Milestone Capital Advisors has taken a decision to withdraw the DRHP, and will initiate this process again at an appropriate time.”
There were reports last week that SEBI had taken objection that the IPO might expose small investors to too much risk.
Milestone Capital had filed its DRHP with SEBI in June last year. The company was planning to offer 42.85 lakh shares through the issue, which is 30 per cent of its post-issue paid-up capital.
IDFC, Edelweiss Capital and ICICI Securities are the book running lead managers to the issue.
Milestone Capital will be the second company this month to have withdrawn its public issue. Great Eastern Shipping's subsidiary, Greatship (India), had withdrawn its IPO due to the “prevailing market conditions”. The BRLMs to the issue were Kotak Mahindra, DSP Merrill Lynch and Edelweiss Capital.
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