In a shock move, Fender has withdrawn its initial public offering only 24 hours before it was expected to make its market debut.
"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," Larry Thomas, Fender's chief executive, said in a statement.
Fender had filed for an offering of up to $200 million in March. The company had expected to sell 10.7 million shares at between $13 and $15 each on the NASDAQ Global Market and was set to trade under the symbol FNDR.
J.P. Morgan, William Blair, Baird, Stifel Nicolaus Weisel and Wells Fargo Securities were underwriters to the offering.
Want to receive up to the minute industry news straight to your inbox? Click here to sign up for the free MI Pro Daily Digest and Newsflash services. You can also follow MI Pro on Twitter @miprofessional and Facebook.