IC Power, which generates and distributes power in Peru and other Latin American markets, officially withdrew its plans for an initial public offering on Friday. It had filed to raise $350 million in February 2017 by offering 25.9 million shares at a price range of $12 to $15, but postponed the offering citing market conditions.
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.
