Micromax Informatics, India’s third-largest mobile handset maker by sales, has cancelled its $106 million initial public offering, The Wall Street Journal reports. The share sale was called off due to weak market conditions. In March, Micromax had slashed the IPO size from about $150 million because of weak stock markets. As per its revised plans, the company was looking to sell 21.5 million shares.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from VC Circle.