Droom and Aprameya Engineering withdraw IPO plans

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Automobile e-commerce platform Droom Technology and medical equipment maker Aprameya Engineering have withdrawn plans for initial public offerings (IPOs), according to a notification on the capital market regulator's site.

Both the firms did not mention any reason for pulling the plans.

Droom in November 2021 had sought Securities and Exchange Board of India (Sebi)’s approval for an IPO comprising a fresh issue worth of Rs 2,000 crore and an offer for sale (OFS) of Rs 1,000 crore.

Promoters Sandeep Aggarwal and Droom Pte hold 100 percent stake in the company. Droom, which competes with startups such as CarDekho, Cars24, Spinny and CarTrade, had IPO lead managers including ICICI Securities, Axis Capital, Edelweiss Financial Services, HSBC Securities and Capital Markets (India) and Nomura Financial Advisory.

For FY21, the firm reported a revenue of Rs 135.52 crore against Rs 181.37 crore in FY20. Net loss for FY21 narrowed to Rs 68.88 crore from Rs 89.60 crore in FY20. As of June, its total debt was Rs 30.18 crore.

Droom facilitates automobile buying and selling online through a combination of an asset-light e-commerce platform and a tech-driven ecosystem of products and services.

Aprameya Engineering had filed for an IPO in September 2022 planning to issue 50 lakh shares via fresh issue. The company is engaged in the business of healthcare infrastructure like installation, set up and maintenance of ICU, operation theatre and prefabricated structure ward on a turnkey basis along with the supply of high-value healthcare and diagnostic equipment to hospitals.