Business News

Fender cancels IPO

By | Published on Monday 23 July 2012


Musical instrument firm Fender announced last week that it was cancelling its planned share sale, citing market conditions as the reason for the change in plan.

The guitar maker announced plans to float a portion of its shares back in March, with a view to raising $200 million to fund expansion in the Indian and Chinese markets.

But the company’s CEO, Larry E Thomas, told reporters last week: “Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time”.