Sept 26 (Reuters) - Nutritional supplement seller ViSalus Inc withdrew its proposed initial public offering of up to $175 million, sending shares of majority stockholder Blyth Inc down more than 23 percent before the bell.
Blyth shares were trading at $25.06 in premarket trade on the New York Stock Exchange.
“ViSalus has achieved net sales growth in excess of 450 percent in the first half of 2012; however, management believes that current market conditions are not conducive to recognizing this level of achievement,” Blyth said in a statement.
ViSalus had filed for the IPO in August and was planning to use the proceeds to pay a special dividend to pre-offering shareholders and Blyth.
Blyth, which sells candles and home fragrance products under the PartyLite brand, held a more than 70 percent stake in the company at the time and was expected to be a big beneficiary from the IPO.