IPG Photonics Withdraws IPO

STURBRIDGE, Mass., June 7 -- IPG Photonics Corp., provider of lasers to telecommunications companies, withdrew its planned initial public offering of 8.2 million common shares, citing unfavorable market conditions. The company had estimated the share price to range from $14 to $16 per share and expected to raise about $112.4 million in net proceeds from the IPO.
"IPG has requested withdrawal of its registration statement due to unfavorable market conditions at the present time and the limitations on IPG while we are in registration," the company said in a statement to the press. "IPG currently has sufficient financing, and we will consider accessing the public markets when market conditions improve."