Real estate major DLF's IPO called off

New Delhi: The Initial Public Offering from construction and real estate major DLF has been called off.

The IPO worth about Rs 1,3500 crore was expected to be the biggest by a private Indian company.

DLF has reportedly put its IPO plans on hold and has withdrawn its red herring prospectus from SEBI.

The company has cited a change in business for withdrawing the IPO prospectus. The company says that it is likely to re-file by the end of September.

A company spokesperson said that the financial details in the prospectus needed to be updated due to the lapse of about four months since the filing.

She added that the company was likely to submit a new DRHP by November.

DLF expects to get a valuation much higher that what was stated in the previous prospectus, she added.

The company had filed the DRHP with Securities and Exchange Board of India on May 12 for its IPO.

"The kind of business we have done in the last four months has been significant," she said, adding that investors had a right to know the latest information about the company.

Given the lapse of four months since the filing and the company's business expansion in this period, the company on advice of its bankers, has decided to update the DRHP with new financials and business developments, DLF said in a statement.

According to the prospectus, DLF had offered Rs 20.2 crore equity shares of Rs two each for cash at a premium to be decided through the 100 per cent book building process.

With Agency inputs