Real estate major Emaar MGF on Friday decided to withdraw its initial public offering as the issue could not get fully subscribed.

The Emaar IPO money will be refunded to the investors in next 10-15 days. 

The company is looking at other funding options like private placements to raise the corpus, a release said.

The $1.6 billion IPO of Emaar MGF had lowered its price band and extended the bidding process by three days to February 11 due to weak market response. The revised price band stood at Rs 530-630, against Rs 540-630 earlier. 

"Given the prevailing sentiments in the capital markets, it was unclear how well the stock would trade post-listing. It has been considered wiser to revisit the market only when the demand and sentiment are stable and better providing greater value to investors", the company said in a statement.

The company expects to return to the market at a later date when sentiment and liquidity conditions are better.

Tags: emaar mgf withdraws, ipo, emaar mgf ipo, stock market, sensex