GC Aesthetics spikes IPO

GC Aesthetics said yesterday that it’s decided not to pursue an initial public offering that would have raised $75 million at the midpoint.

The Dublin-based breast implant maker said in July that it was looking to float 5.4 million shares at between $13 and $15 apiece. The flotation was also to have included an 802,500-share underwriters’ over-allotment.

GC Aesthetics did not provide a reason for spiking the IPO in a regulatory filing yesterday. It had planned to list on the NASDAQ exchange under the “GCAA” symbol.

The company first announced the $75 million IPO in June, saying it planned to spend $11.5 million on sales and marketing in new and existing countries, including the launch of its Impleo implant; $4.2 million to grow its product portfolio and $5 million to expand manufacturing. The net proceeds were be used to fund potential future acquisitions, the company said at the time.

In March, GC Aesthetics raised $60 million from 3 healthcare investment groups.

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