It appears that tepid investor interest in owning a stake in Vrio led AT&T to cancel the IPO. AT&T was initially looking to sell 29.7 million shares in Vrio, and it had indicated an IPO price of $19.00–$22.00. However, the IPO size was later reduced to 15.0 million shares, and its price was reduced to $16.00–$17.00, according to a Reuters report.
The rise of online video services such as Netflix (NFLX), Hulu, and YouTube TV (GOOGL) is eating into traditional pay-TV subscriptions. This trend led major pay-TV providers such as AT&T, Verizon (VZ), Dish Network (DISH), and Comcast (CMCSA) to lose millions of customers last year. Perhaps the challenges facing traditional pay-TV providers contributed to low investor interest in Vrio shares and ultimately led to AT&T pulling the IPO at the last minute.
View more information: https://marketrealist.com/2018/05/why-att-cancelled-the-vrio-ipo/