GC Aesthetics seeks 'private financing'
Irish-based breast implant manufacturer GC Aesthetics is pursuing other ways of raising "private financing" after withdrawing its IPO prospectus from the US Securities and Exchange Commission.
CEO Ayse Kocak told the Sunday Independent that the company had "elected not to proceed with the IPO because the current downturn in the worldwide stock markets and the instability of emerging market economies (for example, in China and Brazil) made it less than ideal for us to launch our IPO at this time."
"In the current market situation, we believe it is in our best interests to continue to operate as a private company, capitalising on our strong market presence and the platform for growth that we have built. We are pursuing other alternatives of private financing to finance our growth strategy in the short term.
"With respect to future plans regarding an IPO, we'll continue to evaluate opportunities to access the public markets in the future. Becoming a public company is still our ambition and it will happen when the time is right".
GC's backers include e-learning pioneer Bill McCabe. It had filed for the float in June, with reports suggesting that it would seek to raise $75m (€66m).
Sunday Indo Business