Samvardhana Motherson Finance has withdrawn its initial public offering of shares to raise about Rs 1,665 crore due to poor demand, two sources with direct knowledge said on Friday.
The share offering was covered just 0.23 times of the total book size by 4 pm on Friday, the last day of bidding, according to stock exchange data. It was launched on Wednesday.
The company, which provides design and manufacturing solutions to automakers, had appointed Standard Chartered and JPMorgan as the bookrunners for the issue.
