MW Candela Medical withdraws IPO, which was expected to raise up to $265 million

Candela Medical Inc. has filed to withdraw its initial public offering, in which the Massachusetts-based cosmetic surgery device maker was looking to raise up to $264.7 million. The company said it has determined "not to proceed with the proposed initial public offering" of stock, as filed in its Form S-1 on Oct. 1, 2021, but did not provide a reason. In an amended S-1 filed on Oct. 19, 2021, the company said it planned to issued 14.7 million shares at a price of $16 to $18 each, which would've valued the company at up to $1.76 billion. The IPO withdrawal comes at a time that the number of IPOs has tumbled from a year ago due to volatile market conditions and downbeat investor sentiment for new issues. The Renaissance IPO ETF has tumbled 46.6% year to date, while the S&P 500 has dropped 17.7%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

September 06, 2022 06:59 ET (10:59 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.