Subprime lender Exeter Finance has shelved plans for an initial public offering “due to market conditions,” according to a Nov. 22 SEC filing. Blackstone-backed Exeter had expected to raise $100 million in the IPO, according to an S-1 filed on Jan. 8.
Details in the withdrawal filing were sparse. “The registrant has decided not to pursue the offering due to market conditions,” Exeter wrote in the filing, which was signed by Chief Executive Jason Grubb. “Based on the foregoing, the registrant submits that the withdrawal of the registration statement is consistent with the public interest and protection of investors.”
Irving, Texas-based Exeter has been in growth mode, bolstering its portfolio 32.5% year over year to $5.1 billion as of June 30, according to an Oct. 3 presale report from S&P Global Ratings. In April, Exeter announced plans to double its headquarters. The company has about 1,250 employees and works with 12,000 new- and used-car dealers.
Exeter declined to comment on the IPO withdrawal.
