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No coverage on truck bed covers: Truck Hero postpones $200 million IPO

November 19, 2015

Truck Hero, an acquisitive manufacturer and online retailer of branded pickup truck accessories, postponed its IPO on Thursday citing poor market conditions. The company had planned to raise $200 million, with half the proceeds going to insiders.

In a press release, the CEO stated that "we are unwilling to sell shares at prices that do not reflect the value we have created." The company is owned by TA Associates, which was also behind August IPO Amplify Snack Brands (BETR), a popcorn seller that fell 10% on its first day and now trades 34% below the offer price.

Noble Midstream Partners LP (NBLX) also postponed its IPO on Thursday night. The three tech IPOs that had opened for trading earlier in the day - Square (SQ), Match (MTCH) and Mimecast (MIME) - were willing to price below the midpoint.

The Ann Arbor, MI-based company was founded in 2007 and booked $391 million in sales for the 12 months ended September 30, 2015. It had planned to list on the NYSE under the symbol TRUK. J.P. Morgan, Baird and BofA Merrill Lynch were set to be the joint bookrunners on the deal.