AT&T cancelled a planned IPO for Vrio, the holding company for its pay-TV assets in Latin America, citing “current market conditions” as the reason.
The stock was scheduled to hit the New York Stock Exchange today (19 April).
AT&T’s decision comes after Vrio, in a filing with the Securities and Exchange Commission, slashed the number of shares on offer from 29.7 million to 15 million. The company also cut the price range from between $19 and $22 per share to $16 to $17 per share.
Vrio originally aimed to raise as much as $653 million, but the revised offer would only have yielded around $216 million based on a per share price of $16.50, it noted in the filing. The company was planning to use the funds to repay a portion of its indebtedness to AT&T ahead of the latter’s acquisition of Time Warner.
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