NEW YORK (Reuters) – AMC Entertaintment Holdings Inc on Friday withdrew its plans for an initial public offering, according to a regulatory filing.
A spokeswoman for the company said the company’s board of directors had decided “it was best to suspend” the offering under current conditions, but would not say whether the company intended to try again once market conditions improve.
Including AMC, there have been 81 IPO withdrawals in the United States so far in 2008.
The market for IPOs this year is in its worst slowdown in more than five years, according to Thomson Reuters data. There has not been an IPO in nearly three months, the longest such spell in decades.
The Kansas City, Missouri-based operator of movie cineplexes had filed in September 2007 for a $500 million IPO.
The lead underwriters of the deal were to have been Credit Suisse (CSGN.VX) and JPMorgan (JPM.N)
In its original filing, AMC has said it intended to use most of the IPO’s proceeds to pay off debts, and the rest for general corporate purposes.
The company had planned to sell its shares under the ticker symbol “AC” on the New York Stock Exchange.
Shareholders include JPMorgan Partners (20.78%), Apollo Management (20.78%), Bain Capital (15.09%), The Carlyle Group (15.09%) and Spectrum Equity Investors (9.76%).
(Reporting by Phil Wahba)