TOKYO, April 17 Carlyle Group-owned AvanStrate
Inc, a Japanese maker of glass used for liquid crystal displays,
has cancelled plans for a $266 million initial public offering,
pulling its IPO for the second time in a year.
"We decided to cancel the IPO after considering conditions
for the stock market and the market for liquid crystal
displays," a Tokyo-based spokesman for AvanStrate said on
U.S. buyout firm Carlyle last month revived the
offering after scrapping a previous IPO plan a year ago when the
market was hit by Japan's March 11 earthquake and tsunami.
Carlyle bought AvanStrate in 2008, at the end of the boom in
global leveraged finance deals.
It had planned to sell 26.92 million shares in the company,
or about half of its holdings, for an estimated 610 yen a share,
according to a statement issued by AvanStrate last month.
AvanStrate also planned to sell 8.2 million shares to raise
funds, potentially taking the IPO to 21.4 billion yen ($266
Carlyle is also preparing to sell shares in Japanese ball
bearing maker Tsubaki Nakashima Co and has hired Nomura Holdings
and Goldman Sachs as an underwriter, sources have told Reuters.