Prestige Hospitality Ventures Ltd (PHVL) has withdrawn its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Ltd and BSE Ltd.
The company’s board decided to withdraw the DRHP citing strategic considerations and uncertain market conditions. The decision was approved through a board resolution dated September 25, 2026.
Withdrawal communicated to lead managers
Following the board decision, PHVL communicated the withdrawal to the book running lead managers to the proposed offer on September 25.
The lead managers subsequently issued a letter dated September 25 to SEBI, communicating the withdrawal of the DRHP filed by PHVL.
Proposed offer put on hold
The withdrawal means the proposed public offer will not proceed on the basis of the DRHP currently filed with the market regulator.
PHVL said the decision was taken considering strategic considerations and prevailing market conditions.
DRHP withdrawal affects proposed offer
A Draft Red Herring Prospectus contains information relating to a proposed public issue and is filed with the market regulator as part of the IPO process.
With the withdrawal of the document, PHVL will not proceed with the proposed offer based on the current DRHP. Any future decision to pursue a public issue would require the company to undertake the applicable regulatory process.
The development comes as companies planning public offerings assess market conditions, investor demand and broader strategic priorities before proceeding with an issue.