Foxconn’s Bharat FIH rolls back plan to raise Rs 5,000 cr via IPO: Report

Foxconn’s subsidiary Bharat FIH has scrapped its plans to raise Rs 5,000 crore via an initial public offer (IPO), Mint reported on Friday. The company had received the market regulator’s nod for the IPO in June last year.

According to the report, the decision has been taken due to weak smartphone market conditions and changes in the company’s internal strategy. The IPO can, however, be relooked at next year, it added.