Earthood Services Withdraws IPO Plans Amid Unspecified Reasons

Earthood Services, based in Gurugram and specializing in carbon validation and verification, has retracted its draft IPO filed in June last year. The offer was intended to be an offer-for-sale of up to 62.9 lakh shares. Withdrawal reasons remain undisclosed according to the latest update with Sebi.

Earthood Services, a company providing carbon validation, verification, and ESG advisory services, has retracted its initial public offering (IPO) plan. This development follows the company's refiling of the draft red herring prospectus (DRHP) with Sebi last June, aiming to sell up to 62.9 lakh equity shares entirely as an offer-for-sale.

The decision to withdraw the IPO, initially lodged to raise capital through an offer-for-sale by the promoters, remains unexplained as per the recent update from Sebi. No component of fresh issue was included in this offering, marking a notable step back for the company's financial strategy.

Earthood Services, which also provides advisory services on farmer producer organizations, continues to cater both domestic and international markets. The withdrawal is yet to be elaborated upon, leaving industry observers and potential investors speculating about underlying reasons.

(With inputs from agencies.)