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MM Auto Industries Ltd has withdrawn its proposed initial public offer application, making it the third entity to cancel an IPO this year.
The Gurgaon-based company had filed draft offer documents with the Securities and Exchange Board of India for the proposed IPO in March. It is yet to receive SEBI’s approval.
However, the company through its lead merchant banker Mefcom Capital Markets Ltd had withdrawn the IPO application on April 18, as per the latest update available with SEBI.
Prior to MM Auto Industries, two firms — Videocon D2H Ltd and CL Educate Ltd — had cancelled their public offer plans in 2015 so far.
MM Auto Industries had planned to issue 53 lakh equity shares. The company planned to use the IPO 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.
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