Sadbhav Infrastructure Project Limited has withdrawn its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI). The company had got the market regulator’s nod for launching its initial public offer (IPO) last month. In a statement to the Bombay Stock Exchange (BSE), Sadbhav Infrastructure’s parent Sadbhav Engineering Limited updated that the DRHP has been withdrawn due to a change in issue structure. Sadbhav Infrastructure Project Limited will file the prospectus again, although the timing is not known.
According to the prospectus filed in December 2014, Sadbhav Infrastructure planned to raise INR600 crore in the IPO that would have seen existing investors Norwest Venture Partners and Xander Investment Holding offloading their shares.
As the name suggests, Sadbhav Infrastructure is an infrastructure play. The company has specializes in build-operate-transfer (BOT) road projects and has operations spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana besides border check posts in Maharashtra.