The planned IPO for billionaire investor Wilbur Ross’s International Automotive Components (IAC) Group has been delayed until 2014, according to a Bloomberg report.
The Bloomberg report cited anonymous sources familiar with the matter.
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The company announced in June its intention to commence trading in its common shares for the first time, via an IPO and intends to list the stock on the New York Stock Exchange under the symbol ‘IACG.’
In 2012, IAC generated revenue of US$4.712bn, adjusted EBITDA of US$211m but a net loss of US$38m. In the first half of 2013, revenue totalled US$2.564bn, adjusted EBITDA was US$100m and a further net loss of US$15m was also reported.
IAC claims to be the number three largest automotive interior components supplier globally and the only global supplier with a principal focus on interiors.
IAC products include instrument panels, consoles and cockpits (36% of 2012 revenue), door and trim systems (24%), flooring and acoustic systems (21%), headliner and overhead systems (10%), and other interior and exterior components (9%). 53.9% of revenue of US$2.564bn in the first half of 2013 arose in North America, with Europe accounting for 42.9% and Asia just 3.2%.
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