Mumbai–Anand Rathi Wealth Services has decided to withdraw its proposed Initial Public Offering (IPO).

Accordingly, the company has made an application for the withdrawal to the Securities and Exchange Board of India (SEBI) through its Book Running Lead Managers (BRLMs).

“The company filed its draft red herring prospectus (DRHP) towards the end of September when the markets were doing well. However, with the IPO markets entering a wait and watch mode, the company has decided to explore IPO at a later stage,” the firm said in a statement on Wednesday.