I agree. IPO of an established company (ie: not in fast growth mode) doesnt bode well in the near term. Look at GM for example. IPO'ed at about $33 and is still in that range. It's not a "growth" company. Fairly valued at IPO, plain vanilla, stable business so the stock will reflect that.
All the IPO would be is an exit mechanism for the private equity firms that bought it.
The only longer term play for the stock (after IPO) would be for it to improve it's balance sheet (ie: lower debt).