GNC Withdraws IPO Due to Market Conditions

GNC Corp., which sells vitamins, minerals and specialty supplements, on Friday withdrew its initial public offering citing rocky market conditions, according to a spokesman.

"The market has not been very receptive to new issues in the last few weeks," said Ben Pratt, Director of Corporate Communications for the company. "The events in London yesterday were kind of a last straw."

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The 23.53 million share offering, which represented a 39 percent stake in the company, was scheduled to price Thursday within a forecast range of $16 to $18 per share.

If priced at the midpoint, the IPO would have been worth about $400 million.

The Pittsburgh-based company planned to use proceeds from the offering to redeem preferred stock, for working capital and general corporate purposes, according to an amended filing with the U.S. Securities and Exchange Commission.

Merrill Lynch & Co. (MER), Lehman Brothers (LEH) and UBS Investment Bank were the lead underwriters for the offering.

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