Shrimp exporter Nekkanti Sea Foods has bought back shares issued in a fundraising round before its planned initial public offering (IPO) as unfavorable market conditions mean the company has failed to go public so far, said three people aware of the development, according to livemint.
Visakhapatnam-based Nekkanti processes and exports frozen shrimp products.
Nekkanti had raised around $30 million (€26.4 million) from a group of investors such as Motilal Oswal, White Oak Capital, New Horizon Investments and Madhusudan Kela back in July.
