CKE has postponed its initial public offering citing market conditions, the fast-food chain operator said in a statement.
The private-equity-backed company told the Securities and Exchange Commission last week that it was expecting to sell 13.3 million shares at $14 to $16 per share.
CKE, which was expected to start trading yesterday on the New York Stock Exchange under the symbol “CK,” was offering 6.7 million shares, while selling stockholders offered the rest.
The company, which operates the Carl’s Jr and Hardees chains, hoped to use part of the IPO proceeds to repay debt.
Morgan Stanley, Citigroup and Goldman Sachs were the lead underwriters of the offering.
Carpinteria, Calif.-based CKE was taken private by Apollo Management in a nearly $700 million deal in 2010. CKE has more than 3,000 owned or franchised locations across 42 states and 25 countries and competes with McDonald’s and Burger King.