Rosmerta Digital Services postpones Rs 206-crore SME IPO

New Delhi, Nov 15 (PTI) Rosmerta Digital Services, which had planned to launch its Rs 206-crore initial public offering (IPO) on November 18, has postponed the issue, according to a public announcement.
     The IPO was touted as the largest-ever for an SME (small and medium enterprise).
     "...the initial public offering (IPO), which was originally scheduled to open on November 18, has been postponed," Rosmerta said in a public announcement dated November 13.
     The company has not specified a revised date for the IPO launch.
     The announcement comes amid weak equity market conditions due to unabated outflow by foreign portfolio investors (FPIs) and muted earnings.
     Rosmerta's proposed IPO was a complete fresh issue of 140.36 lakh equity shares valued Rs 206.33 crore at the upper end of the price band. The company was to be listed on the BSE SME platform.
     It had fixed a price band of Rs 140-147 apiece for the IPO, which was scheduled to close on November 21.
     Rosmerta Digital Services Ltd, a subsidiary of Rosmerta Technologies Ltd (RTL), has been engaged in providing digitally enabled services and digitally enabled channel sales of automotive components & accessories.
     The company initially offered vehicle registration services to Original Equipment Manufacturers (OEMs) and has since diversified into a comprehensive range of services, including garage services, last-mile delivery service, selling of automotive components and accessories, etc.
     It is engaged in both B2B and B2C segments. In the B2B segment, it serves automotive OEMs, online marketplaces and garages among others, through its vehicle ownership experience vertical, and other product manufacturers through Last Mile Delivery Service.
     In the B2C segment, Rosmerta Digital Services serves vehicle owners through vehicle registration services, garage services and automotive spare parts and accessories.
     Narnolia Financial Services Ltd and Beeline Capital Advisors Private Ltd were the book-running lead managers to the issue.
     Last month, Sebi decided to conduct a detailed investigation into the disclosures made by SME firm Trafiksol ITS Technologies Ltd in its draft IPO documents and instructed BSE not to proceed with the company's share listing.

(This story has not been edited by THE WEEK and is auto-generated from PTI)