Anand Rathi Wealth Services withdraws proposed IPO

Anand Rathi Wealth Services on December 26 decided to withdraw its proposed IPO.

The company had filed its draft red herring prospectus (DRHP) towards the end of September when the markets were doing well. But it  said that with the IPO markets entering a wait and watch mode, the company has decided to explore IPO at a later stage.

"Anand Rathi Wealth Services Ltd has decided to withdraw its proposed IPO and has made an application for the same to SEBI through BRLMs (book running lead managers) to the issue," the firm said in a statement.

Amit Rathi, MD of Anand Rathi Wealth Services Limited, said that the business is doing extremely well and the company is witnessing unprecedented traction in its target markets.

However, a large part of the IPO proceeds were in nature of offer for sale by the holding company and in light of the difficult market conditions, the group has decided to pursue other avenues to raise the requisite funds, he added.