Houston, we have a problem: OTG EXP postpones $553 million IPO

OTG EXP, an airport concession operator with over 220 locations primarily around NYC, postponed its IPO on Tuesday. It had filed to raise $553 million by offering 32.5 million shares at a price range of $16 to $18.

The New York, NY-based company was founded in 1996 and booked $359 million in sales for the 12 months ended September 30, 2015. It had planned to list on the Nasdaq under the symbol OTG. Morgan Stanley, Credit Suisse, Barclays, BMO Capital Markets and KeyBanc Capital Markets were set to be the joint bookrunners on the deal.