Alon Brands Scraps IPO

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Alon Brands Scraps IPO


DALLAS -- An initial public offering (IPO) is not in the cards for Alon Brands Inc. The company announced it had scrapped the plan in a regulatory filing today. A reason was not provided.

Alon Brands, operator of 7-Eleven Inc. convenience stores and marketer of FINA motor fuels, had originally filed for an IPO in November 2008. The company had sought up to $100 million from the IPO filing.

Although some recent IPO filings have drawn tremendous interest from the public, most notably Facebook's reported May 18 IPO -- where it plans to raise as much $10 billion -- other IPOs have struggled in recent months, due to volatile stock market conditions.