Lava likely put its IPO plan on hold
Homegrown handset company Lava International has likely put its plan for initial public offering (IPO) on hold, according to people aware of the matter.
The company is presently looking to focus on its profitability and take benefit of the PLI scheme. It may refile the draft papers with updated financial numbers and other operating metrics, based on the internal discussions and market condition, according to industry sources.
The Securities and Exchange Board of India (Sebi) in January had asked the company to refile its draft papers with certain updates. In September 2021, Lava International had filed the draft red herring prospectus (DRHP) with Sebi to raise `500 crore via fresh issue of shares. The issue also comprised an offer of sale worth 43.7 million shares by the promoters of the company.
Queries sent to Lava regarding its plan for IPO and fundraise did not elicit any response.
The company had proposed to utilize the fresh issue of funds on marketing activities, possible acquisitions and working capital needs.
https://www.financialexpress.com/market/ipo-news/lava-likely-put-its-ipo-plan-on-hold/3114822/
