California-based plastics packaging maker Karat Packaging Inc., the parent company of foodservice company Lollicup, withdrew its public offering bid about a month after filing.
Karat Chino, Calif., initially filed the paperwork to go public with the U.S. Securities and Exchange Commission on Sept. 17 in hopes to offer shares to the public.
A later release on Oct. 17 from the Lollicup CEO Alan Yu stated the company withdrew the documents because it no longer wished to pursue an IPO.
Karat, which was incorporated in September 2018, is the holding company for Lollicup USA Inc. and makes cups, lids, tableware, cutlery, straws and food packaging. Karat has been a longtime brand for Lollicup products. The company also produces paper products, bioplastic and compostable products.
Company customers include restaurant chains including Applebee's Grill + Bar, Chili's Grill & Bar, Chipotle Mexican Grill, Corner Bakery Cafe, In-N-Out Burger and Panda Express, according to its website.