(Reuters) - Airport restaurant operator OTG EXP Inc OTG.O said on Tuesday it has delayed its IPO due to unfavorable market conditions.
Pricing of the initial public offering was originally expected on Tuesday. OTG EXP did not give a revised time frame for the offering, saying only that it “will continue to evaluate the proposed offering as market conditions develop.”
The decision to push back its offering highlights the fragility of the IPO market, in a quarter that has had only two public offerings so far.
OTG had said it planned to raise as much as $585 million in the IPO. The offering of 32.5 million Class A common shares was expected to be priced between $16 and $18 per share.
Reporting by Lauren Hirsch in New York; Editing by Chizu Nomiyama and Matthew Lewis