SSBA Innovations scraps Rs 105-cr IPO plans; withdraws draft papers ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 23
SSBA Innovations, which runs tax portal TaxBuddy, has decided to withdraw its Rs 105 crore Initial Public Offer (IPO). This has become the fourth company to abandon its planned IPO so far this year. Earlier, Stitched Textiles, which owns leading men's wear fashion brand Barcelona; Nandan Terry, part of the Chiripal group and Uma Converter had scrapped their proposed initial share sales. Going by the draft papers, SSBA Innovations' IPO was slated to be an entirely fresh issue of equity shares of up to Rs 105 crore. Out of this, Rs 65.45 crore was proposed to be used to fund user acquisition and business development, Rs 15.22 crore for technological development and balance amount towards gener

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