Knowlton Development, which designs and manufactures products for CPG companies, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $800 million by offering 57.1 million shares at a price range of $13 to $15. It had also planned to dual list on the Toronto Stock Exchange.
The Longueuil, Canada-based company was founded in 1990 and booked $2.3 billion in sales for the 12 months ended July 31, 2021. It had planned to list on the NYSE under the symbol KDC. Goldman Sachs, J.P. Morgan, UBS Investment Bank, BMO Capital Markets, BofA Securities, Guggenheim Securities, Jefferies, Morgan Stanley, and RBC Capital Markets were set to be the joint bookrunners on the deal.
