Capital markets regulator Sebi has returned the draft IPO papers of Gretex Share Broking, a move that might delay the company’s initial share sale.
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The proposed IPO is a combination of a fresh issue of 1.67 crore equity shares and an offer-for-sale (OFS) component of 30.96 lakh shares by selling shareholders.
Proceeds from the fresh issue would be used towards working capital requirements and for general corporate purposes.
The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December 2023.
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According to an update on Sebi’s website on Tuesday, the market regulator returned the company’s DRHP on January 25 without giving reasons for the same.
Gretex Share Broking is engaged in the business of market making and stock broking, underwriting capital markets issuances and depository participants of NSDL.
Pantomath Capital Advisors is the sole book-running lead manager to the issue.
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Earlier this month, the markets watchdog returned the IPO papers of Stallion India Fluorochemicals.
