By Matt Jarzemsky
Housing materials maker Associated Materials Group Inc. shelved
its plans for an initial public offering Tuesday, following a
selloff in shares of some peers this year.
"A determination has been made not to proceed with the initial
public offering," Associated Materials said in a filing Tuesday,
but the Cuyahoga Falls, Ohio-based company didn't say why it was
pulling the deal. A spokeswoman for the company couldn't
immediately be reached.
The withdrawal also comes as the IPO market has shown some signs
it is cooling. A number of deals were delayed last week as stocks
retreated, while many newly public companies' shares have decline
sharply from their recent months' highs.
Building materials makers haven't escaped the selling. Shares of
Ply Gem Holdings Inc., which saw its May 2013 debut raise $381
million, are down 31% year-to-date. Boise Cascade Co., which went
public in February 2013, has tumbled 11% so far in 2014.
However, a dozen U.S.-listed IPOs are scheduled to price this
week, which would mark the highest such tally since the week ended
Feb. 7.
Associated Materials had planned to use its IPO to repay debt
and for general purposes.
The company had hired Goldman Sachs Group Inc. to lead the
offering with Barclays PLC and UBS AG.
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com
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