Fender Musical Instruments has called off its planned initial public offering of stock.
The company – manufacturer of iconic guitars such as the Stratocaster and the Telecaster – blamed the IPO cancellation on economic conditions in the US and abroad.
“Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time,” said Fender chief executive Larry Thomas in a statement.
According to a filing with the Securities and Exchange Commission earlier this month, Fender planned to have around 26.4 million shares outstanding after going public, which would value the company at approximately $395m.
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