Auto e-commerce platform Droom Technology and medical device maker Aprameya Engineering have withdrawn plans for an initial public offering (IPO), according to a notice on the capital markets regulator’s website. Neither company gave any reason for cancelling the plans.

Droom sought approval from the Securities and Exchange Board of India (Sebi) for its IPO in November 2021, which included a new offering worth Rs 2,000 crore and an offer to sell (OFS) worth Rs 1,000 crore.

Promoters Sandeep Aggarwal and Droom Pte hold 100% of the company. Droom competes with startups such as CarDekho, Cars24, Spinny and CarTrade and has key IPO managers, including ICICI Securities, Axis Capital, Edelweiss Financial Services, HSBC Securities and Capital Markets (India) and Nomura Financial Advisory.

In fiscal 2021, the company reported revenue of Rs 135.52 crore compared to Rs 181.37 crore in fiscal 2020. Net loss in FY21 narrowed to Rs 68.88 crore from Rs 89.6 crore in FY20. Its total debt stood at Rs 30.18 crore as of June.

Droom facilitates online car buying and selling through an asset-light e-commerce platform and a technology-driven ecosystem of products and services.

Aprameya Engineering filed for an IPO in September 2022 with plans to issue 50 lakh new shares. The company is engaged in the medical infrastructure business, such as installing ICUs, setting up and maintaining ICUs, operating theatres and prefabricated patient rooms, and providing high-value medical and diagnostic equipment to hospitals.