October 25, 2018 / 6:11 PM / 19 days ago

SEC voids OTG Exp's IPO filing

Oct 25 (Reuters) - Airport food and beverage company OTG Exp Inc’s IPO filing was voided by the U.S. Securities and Exchange Commission on Thursday after the company failed to respond to a notice by the regulator regarding the dormant status of the filing.

The company had filed for an initial public offering in January 2016 and was looking to raise $585 million through a sale of 32.5 million shares at $16 to $18 per share.

The SEC said here OTG Exp failed to respond to a notice it sent to the company that said its registration statement would be declared abandoned unless it was amended or withdrawn.

The company’s IPO filing “has been on the file for more than nine months and has not yet become effective,” the SEC said in a statement.

OTG Exp could not immediately be reached for comment.

The New York-based company owns restaurants in more than 220 locations in 23 terminals across 10 airports, including John F. Kennedy International airport.

At the upper end of its pricing range, the company would have been valued at $814 million, as per its latest registration statement on February 4, 2016. (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva)

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