The company, part of mining and metals conglomerate Vedanta Group, filed draft papers for the IPO in early October. The offering included a fresh issue of 7.8 million shares, along with an equal number of shares to be sold by existing shareholders.
The Securities and Exchange Board of India (SEBI) did not specify a reason for the decision, and Vedanta Group did not immediately respond to Reuters’ request for comment.
India’s IPO market has been booming, with more than 240 large and mid-sized companies raising $10.5 billion in the first nine months of 2025, making the South Asian nation the world’s third-largest market for IPO fundraising, according to LSEG data.
The country’s equity market is set to raise up to $8 billion through IPOs in the October to December period.