The public offer was extended till March 16. Price band for the offer was also revised from Rs 295-300 per share to Rs 294-300 per share.
According to a statement by the company on Monday, the IPO saw participation by marquee investors like Massachusetts Institute of Technology and Vantage Equity Fund. However, benchmark indices have witnessed fall of 20 per cent since the filing of the red-herring prospectus driven by the potential economic impact of the coronavirus outbreak and crude oil price shock.
"As the global situation around Covid-19 continues to evolve, investors appear to have entered risk-off mode, leading to investment decisions being impacted. Despite the company deciding to extend the IPO, unprecedented swings in the benchmark indices and a spurt in the Nifty VIX index to its highest in nearly a decade, have rendered market conditions unfavourable for completion of the IPO," it added.
The statement further said, "The company's business continues to do well with strong tailwinds and the decision to withdraw the IPO will not impact the long-term prospects of the company."
The IPO comprised a fresh issue of Rs 35 crore and an offer-for-sale of 57 lakh shares.
The company's IPO was open for bidding from March 4.
The equity markets suffered extreme panic selling last week, where the key Sensex plunged 3,473.14 points in total. On Monday, the key index yet again plunged 2,713.41 points or 7.96 per cent.
Equirus Capital was the book running lead manager to the offer. SUM HRS