IMC Withdraws IPO
December 16, 2015,
LAS VEGAS-International Market Centers has withdrawn its initial public offering, citing poor market conditions, according to a letter filed with the Securities and Exchange Commission.
The withdrawal follows an earlier postponement. In May, the real estate investment trust put the IPO off, also citing poor market conditions. “We have not seen enough improvement in the markets to warrant keeping the document up to date, so we have withdrawn the S-11,” said IMC spokeswoman Eden Bloss, referring to the SEC filing.
Sources said the IPO would have garnered between $150 million and $185 million.
Jerry Epperson, managing partner of the financial services firm Mann, Armistead and Epperson of Richmond, Va., told the Winston-Salem Journal that Monday’s filing was not surprising. “The market for real-estate investment trusts was eroding with the increased speculation over higher interest rates that we are still waiting for,” Epperson said in the story. “You cannot keep a filing like this current forever without lengthy and detailed updates. I am surprised this is just being filed.”