TPG-Backed SK Finance Said to Shelve India IPO After Weak Demand

TPG Inc.-backed SK Finance Ltd. has shelved plans for an initial public offering in India after the company failed to draw enough investor demand for the deal to go ahead, according to people familiar with the matter.

The non-bank lender sought to launch the deal earlier this month but demand fell short, even after reducing the valuation and offer size, the people said, asking not to be identified as the information is private. SK Finance cut the proposed offer to 16 billion rupees ($183 million) from 22 billion rupees, Bloomberg News reported earlier this month.