Food Chain Yanks IPO

Food Chain Yanks IPO

Equity

International Meal Company (IMC) has pulled an IPO, blaming market conditions, according to bankers on the deal. The offer, scheduled to price yesterday, was from the LatAm restaurant chain holding company of private equity firm Advent. It faced resistance from investors over the past week, says one buysider. And even bankers on the trade are heard privately expressing dismay at the aggressive targeted valuations, as well as late pricing date. “They were shooting for a [PE] multiple of around 12

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