Medical equipment maker Airox Technologies has decided to withdraw its initial public offering (IPO) worth Rs 750 crore.
The IPO is planned to be an offer for sale (OFS) of its promoters — Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal.
The company has filed preliminary documents for the proposed IPO on September 30, 2022 with the Securities and Exchange Board of India (Sebi).
However, the draft IPO offer documents were withdrawn on February 28 and the reasons for the withdrawal were not disclosed, an update from the market regulator showed on Monday.
The Aurangabad-based company is a PSA (pressure swing adsorption) oxygen generator manufacturer and has a market share of 50-55 percent in the private hospital PSA medical oxygen market as of fiscal 2022.
The company will facilitate the penetration of local PSA (pressure swing adsorption) oxygen generators in Indian hospitals with approximately 872 installed and operational PSA oxygen generators as of March 2022.
PSA oxygen generators are equipment that produce oxygen in purity using adsorbents to remove nitrogen gas from the air.
This equipment provides stable oxygen at a lower cost than other traditional medical oxygen procurement methods.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
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