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The reason for the withdrawal is not known yet. The public sector firm had filed its draft red herring prospectus with Sebi in September last year. The public issue was to be an offer-for-sale where the government will sell up to 3.25 crore shares.
Wapcos is engaged in the business of engineering consultancy services and construction. Some of its listed peers in the segment are Ircon International, Rites, Engineers India, NBCC, and VA Tech Wabag.
Also, it provides services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control. The company reported a jump of 11% in revenue in FY22 to Rs 2,798 crore, while its profit after tax increased by 14% to Rs 69.16 crore in the same period.
The company’s order book for engineering consultancy services stood at Rs 2,534 crore and Rs 18,497 crore for construction contracts as of FY22.
Meanwhile, two other companies Fincare Small Finance Bank and logistics company Western Carriers have received market regulator nod to launch IPOs.
Both the companies have obtained observation letters, which in Sebi’s parlance is equivalent to an approval.Western Carriers had filed its draft red herring prospectus with Sebi in June this year. According to the draft prospectus, the IPO of the Kolkata-based company comprises a fresh equity issue of Rs 500 crore and an offer for sale of 93.29 lakh shares by the promoter Rajendra Sethia.
Fincare’s IPO includes a fresh issue aggregating upto Rs 625 crore and OFS up to 1.70 crore shares by promoter and investor selling shareholders.
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