IC Power, which generates and distributes power in Peru and other Latin American markets, pulled the plug on its US initial public offering on Thursday, citing market conditions. It had filed to raise $350 million by offering 25.9 million shares at a price range of $12 to $15.
The Lima, Peru-based company was founded in 2007 and booked $1.7 billion in sales for the 12 months ended September 30, 2016. It had planned to list on the NYSE under the symbol ICP. BofA Merrill Lynch, Credit Suisse, Goldman Sachs and UBS Investment Bank were set to be the joint bookrunners on the deal.
