Intra-Asia Cancels Its IPO Plans
Intra-Asia Entertainment Corp., which operates one of the largest amusement parks in China, said it canceled its plans for an initial public offering.
The Los Angeles-based company, headed by former SeaWorld executive Michael B. Demetrios, cited “difficult market conditions” in pulling the deal. It had hoped to sell 1 million shares at $7 each.
The IPO market collapsed last year as many investors became reluctant to take a chance on young companies in a bear market.
Intra-Asia manages the Weifang Fuhua Amusement Park in Shandong province.
The company told the Securities and Exchange Commission it had revenue of $7.6 million in the first nine months of 2002 and earned $1.2 million in the period.
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