Aina Le'a, which offers real estate investment programs for luxury communities it develops in Hawaii, withdrew its plans for an initial public offering on Tuesday. It cited the length of time from its initial filing to the completion of the audit process. The company originally filed for a $38 million IPO in July 2012.
A lengthy wait in the IPO pipeline did not stop Ryerson Holding (RYI) from launching its IPO, which had been on file for over four and a half years and now plans to begin trading later this week.
Aina Le'a may also have been influenced by poor performance of real estate and housing IPOs in 2014. All three of the year's REIT IPOs, which own office buildings (CIO), farmland (FPI) and apartment buildings (BRG), trade below the offering price. There have been two residential building IPOs this year. Century Communities (CCS) is 16% below its IPO price, while The New Home Company (NWHM) has gained 19% since its heavily discounted IPO. Washington state farm operator Taggares Agriculture withdrew its IPO in July.
The Waikoloa, HI-based company was founded in 2009 and had not disclosed its financials. Aina Le'a had planned to list on the NASDAQ under the symbol AINA. Its latest filing in December 2012 did not show bookrunners.
