The post IPO GNC would have large and notable defects in its capital structure. Since the beginning of 2006, the IPO market has cooled to post-LIPOsuction IPO's. The Post-LIPOsuction returns have been unattractive (Sealy (ZZ), DynCorp International (DCP), Burger King (BKC). This has even lead to some notable pre-IPO flameouts such as Chart Industries (GTLS).
GNC canceled its proposed IPO on Monday. According to Renaissance Capital analyst Melanie Hase, GNC's sponsors wanted to price the shares between $16 and $18, but IPO investors were only willing to pay $13 to $14.
Source: GNC Pulls Its Flawed IPO