NEW YORK (Reuters) – Radiation detection and monitoring company Mirion Technologies Inc (MION.O) shelved plans for an initial public offering on Wednesday due to “market conditions,” an underwriter said.
San Ramon, California-based Mirion sells radiation detection, measurement, analysis and monitoring devices and services to nuclear, defense and medical industry customers. It had planned to sell 11 million shares for $15 to $17 each.
Most of the proceeds from the offering were set to go to private equity owner American Capital Ltd (ACAS.O), which was also planning to sell shares in the IPO.
Earlier on Wednesday IPO research firm IPO Boutique said in a note that underwriters were having trouble selling shares in the offering. Underwriters had some orders for $13 a share, below the expected range, but the order book was “porous,” according to the note.
U.S. stocks sank on Wednesday as investors moved to lock in profits on news suggesting China was reassessing its euro-zone debt holdings.
Underwriters on the Mirion offering were Credit Suisse, Bank of America Merrill Lynch, JPMorgan and Robert W. Baird & Co. (Reporting by Clare Baldwin, editing by Bernard Orr)