Neiman Marcus Delays IPO
October 13 2015 - 9:30PM
Dow Jones News
Luxury retailer Neiman Marcus Group Inc. has delayed its planned
initial public offering until the beginning of next year at the
earliest following the recent bout of stock-market volatility.
Neiman had filed for a U.S. listing in early August and been
considering a debut ahead of the conclusion of the 2015 holiday
shopping season, people familiar with the matter said. But recent
market declines and a slump in stocks of other luxury-goods
purveyors have prompted the company to wait, they said.
Neiman hadn't yet set a price range for the offering. The delay
was earlier reported by Reuters.
The retailer is backed by private-equity firm Ares Management LP
and Canada Pension Plan Investment Board. It was one of several
large, highly indebted and private-equity-owned companies looking
to go public this quarter.
The outcome of those plans was expected to provide signs of the
health of an IPO market that has suffered this year. But the
picture is mixed as shares of First Data Corp. and Albertsons
Companies Inc., other members of the group, are scheduled to begin
trading this week.
The U.S. IPO market has struggled this year after a strong 2014,
due in part to weakness in the broader stock market since August.
U.S. listings had raised just $30 billion through the beginning of
the week, versus $81 billion by that point last year, according to
Dealogic.
Write to Telis Demos at telis.demos@wsj.com and Dana Cimilluca
at dana.cimilluca@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 13, 2015 21:15 ET (01:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Ares Management (NYSE:ARES)
Historical Stock Chart
From Apr 2024 to May 2024
Ares Management (NYSE:ARES)
Historical Stock Chart
From May 2023 to May 2024