Movie theater operator AMC Entertainment has dropped its latest plans for an IPO amid uncertain market conditions, the LA Times reported, citing people familiar with the situation.
This is the third time in five years that privately held AMC has given up on plans to list its stock, it highlighted.
The second-largest U.S. exhibitor, led by president and CEO Gerry Lopez, had filed for an IPO last spring, planning to raise up to $450 million. The company's big shareholders, including financial firms JPMorgan, Apollo Investment Fund and Bain Capital Investors, have recently expressed concern about market conditions though, the LA Times said.
"It's a tough business,'' it quoted one source as saying, pointing to a range of longer-term challenges, including narrowing release windows, for the exhibition sector.
A spokesman for AMC declined to comment beyond telling the LA Times: "The IPO process is ongoing, and I do not have a time line to share." Kansas City, Mo.-based AMC operates 347 theaters and 5,048 screens in the U.S. and Canada.