Micromax withdraws its Rs 4.26 billion initial public offering -

Micromax Informatics has withdrawn its Rs 4.26 billion initial public offering, owing to volatile market conditions. The company sought to withdraw the draft red herring prospectus from the Securities and Exchange Board of India (SEBI) on June 17, 2011.

Micromax now plans to focus on product development. It is believed that SEBI had approved the company?s proposed 10 per cent stake sale via public listing on January 14, 2011, which valued the company at around $1 billion.

Micromax withdraws its Rs 4.26 billion initial public offering

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