The public issue was supposed to open for subscription on June 28 with a price band at Rs 59-61 per share.
Andhra Pradesh based agri-input company KPR Agrochem late evening on June 27 announced withdrawal of its initial public offering from capital market. The IPO issue was to open on June 28 with a price band at Rs 59-61 per share.
"Selling shareholders and board of directors of KPR Agrochem have decided not to presently proceed with the formalities leading to opening of the IPO. We have been directed by the Issuer Company vide its letter dated June 26, 2019 to take steps to withdraw the issue of equity shares," the merchant banker said in its statement.
"Hence, the initial public offering of KPR Agrochem stands withdrawn," it added.
The IPO consisted a fresh issue aggregating up to Rs 210 crore and an offer for sale of 1.2 crore equity shares by promoters.
The company had intended to use fresh issue proceeds for repayment of certain borrowings and additional working capital requirement.
The book running lead manager to the Issue was PL Capital Markets, part of Prabhudas Lilladher group.
KPR Agrochem is an agri-input company focused on manufacturing, distribution and retailing of a wide range of crop yield enhancing and protection products. In order to secure the supply of sulphuric acid, one of the key ingredients for company's various products, the company also ventured into manufacturing of sulphuric acid.
Note: This article has been updated as the company has withdrawn its IPO.