JULY 19 I FENDER I FINANCIAL
Fender Cancels IPO
Fender withdrew its initial public offering (IPO) of stock on July 19.
Larry Thomas, company CEO, cited current market conditions and concerns about economic conditions in Europe as reasons for the cancellation.
In March, Fender filed for an estimated IPO of up to $200 million as a way to repay its debt. It had reported expecting its IPO of 10.7 million shares to price between $13 and $15 per share.
According to Bloomberg Businessweek, the company planned to raise between $139.3–$160.7 million, which could have valued Fender at as much as $395 million.