Fender Musical Instruments will not be taking stage on the public markets for now.
The Scottsdale, Ariz.-based company, which has made guitars for many iconic rock musicians such as Eric Clapton and Jimi Hendrix, has decided to withdraw its initial public offering amid economic uncertainty.
“Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time,” said Larry Thomas, Fender’s chief executive, according to a statement provided to Reuters.
The company, founded in 1946, was planning to sell up to $200 million in common stock. Fender would have traded on the Nasdaq under the ticker FNDR.