When even pawn shops can’t go public

Adding to the woeful performance of the market for IPOs this year, five more companies pulled plans to brave the U.S. exchanges this week and not a single IPO priced anywhere in the world.

In a economic crisis like this, some lines of business might be expected to thrive: bankruptcy law firms, repossession agencies, psychotherapists, and perhaps even pawn shops.

But one of the companies dropping its ambitions of becoming public is just that — Florida-based pawn shop operator Value Financial. Value Financial, which operates 62 stores, mostly in Florida, had hoped to raise $60 million. According to the company’s SEC filing, the company was planning to use the net proceeds to pay off debts of about $35.5 million.

It stated as the unsurprising reason: “market conditions”.

The other companies that have pulled IPO plans this week operate businesses more commonly seen on the market: Research Triangle based biotech firm Aldagen, New Jersey-based marine transportation company K-Sea GP Holdings, life insurer Symetra, and professional employer organization SOI Holdings.