Volatile Market Conditions Prompt Micromax To Defer IPO

July 12th, 2011 by James

Volatile Market Conditions Prompt Micromax To Defer IPOMobile handset vendor Micromax yesterday said it has deferred the launch its 2.1-crore-share initial public offer because of volatile market conditions.

Micromax spokesperson told PTI, “Due to volatile market conditions, the Board of Directors of Micromax Informatics Ltd (Company) has taken a decision to defer the proposed initial public offering.”

From in.finance.yahoo.com:

“With a view to allow the Company to focus on new product launches and product development, the Board of Directors has also recommended the withdrawal of the Draft Red Herring Prospectus filed with the Securities Exchange Board of India,” she added.

The company had filed draft red herring prospectus on September 29 last year and was given the market regulator’s approval on January 14 this year.

The firm was raising funds for establishment of a new handset manufacturing plant, enhancement of the Micromax brand and investment in acquisitions and other strategic initiatives, and for general corporate purposes, it said in DRHP.

The company was to offer 2.15 crore shares through the IPO.

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