International Market Centers, which owns the Las Vegas World Market Center and key High Point Market furniture buildings, has officially withdrawn its plans for an initial public offering. The company cited unfavorable market conditions in its IPO withdrawal request filed with the U.S. Securities and Exchange Commission.
In May, International Market Centers had postponed the IPO, which was reportedly valued at about $150 million. IMC also cited poor market conditions at the time.
The company’s statement to the SEC, dated December 14, read in part: “The company submits this request for withdrawal as it does not intend to pursue the contemplated public offering of the securities covered by the Registration Statements due to unfavorable market conditions at this time. The company confirms that the Registration Statements have not been declared effective and no securities have been or will be issued or sold pursuant to the Registration Statements or the prospectus contained, or incorporated by reference, therein.”
International Market Centers, LP, Bain Capital Partners, LLC and an Oaktree Capital Management, L.P. affiliate, had previously announced its intention to form a real estate investment trust, sell 11.5 million shares of common stock and change its status from limited liability company to controlled company with current ownership representing the majority of share voting power. The company had stated that it expected the public offering price to be between $12 and $14 per share on The New York Stock Exchange under the symbol IMC.