Indian auto components maker withdraws IPO

Samvardhana Motherson Finance calls off its $313 million IPO after poor sentiment towards India and concerns about new tax regulations leave the deal only 0.2 times covered.

Indian auto components maker withdraws IPO
SMFL is the world's second-biggest maker of wing mirrors

Indian auto components manufacturer Samvardhana Motherson Finance SMFL late Friday called off its initial public offering after poor sentiment towards India made investors stay away from the deal.

Excluding the anchor tranche, the deal was only 0.23 times covered when the bookbuilding closed on Friday, which prompted the company, the selling shareholders and the bookrunners to decide “not to proceed with the issue, SMFL said in a brief statement. The company was seeking to...

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