Amid a dismal climate for initial public offerings, Century City investment bank Imperial Capital Group Inc. said late Wednesday that it would postpone its planned IPO.
ImperialCapital, which had planned to trade on the New York Stock Exchange under the symbol “ICG,” had hoped to raise about $100 million, down from its initial projection of $150 million.
But after a series of recent IPOs failed to reach their price targets, including this week’s offering of Ironwood Pharmaceuticals Inc., Imperial Capital’s underwriters decided to shelve the offering.
Imperial Capital, founded in 1997 by Chief Executive Jason Reese and President Randall Wooster, offers a range of institutional sales, trading and other financial services mostly to middle market clients.
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