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Dave & Buster's cancels IPO

Thursday, 4 Oct 2012 | 5:56 PM ET

NEW YORK -- Dave & Buster's Entertainment Inc. said Thursday that it is withdrawing its proposed initial public offering because of unfavorable market conditions.

"While we received significant interest from potential investors, current market conditions are not optimal for an IPO at this time," CEO Steve King said in a statement.

Dave & Buster's, based in Dallas, registered its IPO in July 2011, saying it expected to sell $150 million in stock. It maintained that estimate as recently as early September. But on Sept. 24 the company said it expected to sell 7.7 million shares for $12 to $14 per share, or about $100 million.

The company runs 60 arcade-style restaurants in 25 states and Canada. Dave & Busters is owned by the private equity firm Oak Hill Capital Partners.