Ikaria, a US-based bio-pharmaceutical company part-owned by German conglomerate Linde, has cut its planned flotation to eight million shares from 10 million in a revised regulatory filing. This offer has subsequently been pulled altogether.
Ikaria had expected to sell 10 million shares at its Nasdaq flotation at a maximum price of $17 each.
Investment banks Goldman Sachs and Morgan Stanley as co-lead underwriters for the initial public offering (IPO) can also sell a further 1.5 million shares if the flotation goes well.
Linde, which owns 17% of Ikaria as part of a $380m cash-and-stock sale in 2007 of its gaseous drug-maker, INO Therapeutics, will now see its stake diluted to 13.8% instead of the 13.2% due to the smaller share sale after the IPO.
Private equity firm New Mountain Capital owns 50.7% pre-IPO with venture capital firms Arch Venture Partners and Venrock each owning 10% of Ikaria.