The Securities and Exchange Board of India (Sebi), the country’s market watchdog, has cancelled the IPO (Initial Public Offering) of a company called Trafiksol ITS Technologies. This decision came after the Bombay Stock Exchange (BSE) had paused the IPO for further investigation.
Sebi ordered Trafiksol to return the money to investors who bought shares in their IPO. They also instructed the BSE to help with the refund, which must be completed within a week. Once the refunds are done, the company must cancel any shares that were issued.
Trafiksol ITS is based in Noida and specializes in smart transport systems to manage traffic and tolls.
Here’s a quick background on the IPO: Trafiksol wanted to raise money through an IPO by offering 6.41 million shares priced between Rs 66 and Rs 70 each. The IPO had been set to run from September 10 to September 12 and was very popular, with investors wanting 345 times more shares than were available. Shares were supposed to start trading on September 17.
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