Smile Brands Cancels IPO

NEW YORK (Reuters) – Smile Brands Group Inc (GRIN.N), which provides support services for U.S. dentists, canceled its initial public offering on Thursday, according to an underwriter.

The sponsor decided not to move forward with the offering as it would likely have priced at $14 per share, below the $16 to $18 range. The offering was expected to sell 7.35 million shares.

Santa Ana, California-based Smile Brands provides support staff, facilities and equipment to more than 1,100 dentists and hygienists in 300 U.S. offices.

Smile Brands posted total revenue of $118.08 million in the three months that ended March 31, up 1.6 percent from a year earlier. Net income attributable to common stockholders fell 58.1 percent to $1.59 million.

Stockholders in Smile Brands include private equity firm Freeman Spogli & Co and the California State Teachers’ Retirement System. Smile Brands had planned to use proceeds from the IPO to redeem preferred stock and repay loans.

Underwriters on the offering were led by Credit Suisse and Jefferies & Co. The shares had been expected to trade on the New York Stock Exchange under the symbol “GRIN.” (Reporting by Clare Baldwin, editing by Maureen Bavdek)