Back Back Gretex Share Broking IPO delayed as SEBI returns DRHP

Gretex Share Broking's draft red herring prospectus (DRHP) has been returned by the capital markets regulator, the Securities and Exchange Board of India (SEBI), a step that might cause a delay in the company's initial public offering (IPO). The capital market regulator returned the company's DRHP on January 25 without providing an explanation, according to a update on SEBI's website on Tuesday, January 30. On December 14, 2023, the company submitted preliminary IPO papers to SEBI

A fresh issueof 1.67 crore equity shares and an offer-for-sale (OFS) component of 30.96 lakh shares by selling shareholders comprised the proposed IPO.The proceeds of the new issuewere intended to be utilised for general corporate purposes.and working capital requirements. The offer was being made through the book-building process, wherein not more than 50% of the offer was available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer was available for allocation to non-institutional investors, and not less than 35% of the offer was available for allocation to retail individual investors

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