PITTSBURGH – NEP Group, a global provider of live and broadcast production technology, has announced it has postponed its previously announced initial public offering. The decision to postponement was based on the unfavorable equity market conditions, according to the NEP board of directors, management and sponsor. NEP plans to continue to evaluate the market conditions for the proposed offering.
“Due to the recent volatility and uncertainty in the public markets, we have decided that this is not the right time for NEP to move forward with an IPO,” said Kevin Rabbitt, CEO of NEP Group. “We are committed to continuing to execute our plan, and we do not believe this decision will impact our ability to meet our on-going growth goals.”
NEP initially filed for an IPO back in July 2014 and announced it publicly this past June. The company had planned to offer up to $100 million of its common stock.