Medical equipment manufacturer Airox Technologies has decided to withdraw its Rs 750-crore initial public offering (IPO).
The IPO was slated to be an offer-for-sale (OFS) of equity shares by its promoters — Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal.
The company has filed its preliminary papers for the proposed IPO on September 30, 2022 with the Securities and Exchange Board of India (Sebi).
However, the draft offer documents for the IPO were withdrawn on February 28 and the reasons for the withdrawal have not been disclosed, an update with the markets regulator showed on Monday.
The Aurangabad-based company is a manufacturer of PSA (pressure swing adsorption) oxygen generator and has a market share of 50-55 per cent in terms of operational private hospital PSA medical oxygen market as of fiscal 2022.
The company facilitates the penetration of on-premise PSA (pressure swing adsorption) oxygen generators in Indian hospitals with nearly 872 installed and operational PSA oxygen generators as of March 2022.
PSA oxygen generators are the equipment that produce oxygen with purity using adsorbents to remove nitrogen gas from the air.
These equipment provide a stable supply of oxygen at a lower cost than other traditional medical oxygen procurement methods.