Network18-backed TV and E-commerce company HomeShop18 has withdrawn its $75 million IPO on the New York Stock Exchange, around seven months after the initial application. HomeShop18 mentions that it is not proceeding with this offering since it is currently re-evaluating its capital raising strategy. It also notes that the company may undertake a subsequent private offering as per Rule 155(C) (pdf) that allows companies to convert its public offerings as private placement without waiting for the requisite six months period. This withdrawal comes within months of Reliance Industries acquiring Network18, although it's worth noting that HomeShop18 CEO Sundeep Malhotra had told employees that this acquisition wouldn't affect their offering however three board members from Network18 would change. Network18 currently owns 53.71% in Homeshop18, and has invested $53.8 million in the business. Interestingly, in the following months, Reliance Industries-owned Reliance Retail has announced plans to enter the e-commerce space this year while HomeShop18 has stopped selling books online. Financials: HomeShop18 had reported net revenues of Rs 368.2 crore for the financial year ended March 31, 2014 (FY14), registering a 63.4% increase from Rs 225.4 crore revenues in the previous year. The losses also had improved to Rs 83.9 crore for the year, from Rs 120 crore in the previous year. Besides Network18, the company has investors like SAIF II Mauritius Company Limited, G S Home Shopping Inc, Makira SP5 limited and Orchard Centar Master limited. HomeShop18 had filed for a $75 million IPO on NYSE in April this year and had noted that it will not receive any proceeds from the sale of ordinary shares by Network18 Holdings Limited…
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