Automated Day Spa Franchisor Planet Beach Pulls IPO Plans

Wall Street Journal:

Planet Beach Franchising Corp. on Thursday withdrew plans for an initial public offering, as the full-service automated-day-spa franchisor said it determined not to pursue an IPO at this time.

The company, which had initially registered for an IPO in April, had filed plans to offer at least 3.8 million units, comprised of one share of stock and one warrant, at an estimated $4 to $4.30 each.

According to Planet Beach’s filings with the Securities and Exchange Commission, it had earmarked about $5 million of the proceeds to purchase up to 25 existing or recently closed Planet Beach locations. Other funds had been targeted for purposes including providing financial assistance to franchisees and repaying debt.