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Airox Technologies IPO: Amidst the ongoing upheaval in the Stock Exchanges, another company has announced to withdraw the decision to bring IPO (Initial Public Offering). Medical equipment manufacturing company Airox Technologies has launched its IPO., has taken back. The company was preparing to raise Rs 750 crore through IPO through IPO.
On 30 September 2022, Airox Technologies filed a preliminary document to bring the proposed IPO to the Securities Exchange Board of India ie SEBI, the regulator of the stock market. Company’s promoters Bharatkumar Jaiswal and Ashima Sanjay Jaiswal were preparing to sell their stake through offer-for-sale through IPO.
According to the update seen with SEBI, the draft offer documents filed for bringing the IPO were withdrawn on February 28, 2023 itself. But the reasons for the withdrawal of the IPO have not been disclosed. Aurangabad-based Airox Technologies is a manufacturing company of PSA Oxygen Generator and by 2022 FY, the company has a 50 to 55 percent share in the PSA medical oxygen market.
The company has installed and commissioned 872 PSA oxygen generators by March 2022. PSA oxygen generators are equipment that produce oxygen by removing nitrogen gas from the air. These machines help in providing oxygen at a low cost.
Earlier, apparel retail company Fabindia has been put in cold storage. Apart from this, jewelry company Joyalukkas India is the second company which has postponed the decision to bring IPO. Fabindia had earlier decided to raise $482.43 million or Rs 4000 crore through an IPO. So Joyalukkas India was preparing to raise Rs 2,300 crore through IPO. The company had filed the DRHP of the IPO with SEBI last year.
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