200 crore IPO changed the mood of the textile company, this decision was taken before the approval of SEBI

Stitched Textiles, which owns leading menswear brand ‘Barcelona’, has announced its Rs. 200 crore IPO has been withdrawn. The IPO was about an entirely new offering of shares.

200 crore IPO changed the mood of the textile company, this decision was taken before the approval of SEBI

The textile company has withdrawn its initial public offering (IPO) even before SEBI’s nod. The name of this company is Stitched Textiles. In fact, Stitched Textiles, owned by the leading menswear brand ‘Barcelona’, has launched its Rs. 200 crore IPO has been withdrawn. The IPO was about an entirely new offering of shares.

The company submitted preliminary documents for the proposed IPO to the Securities and Exchange Board of India (SEBI) on June 17. The market regulator said the documents proposed for the IPO were withdrawn on August 16. However, the reasons for the withdrawal have not been disclosed.

The company appointed Finshore Management Services as the book-running lead manager for the issue, while BigShares Services was appointed as the registrar to the issue.

In more than 50 cities

This company is mainly engaged in men’s dressage. At the same time, there is a deal in the clothes of suits and shirtings. It currently operates around 85 stores in the franchise model in over 50 cities in India. It markets its products under the brand ‘Barcelona’.

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