The Dublin-based business software firm withdrew its IPO paperwork in a regulatory filing dated March 20. Chief Executive Eric Mosley said in a statement late Thursday the company would defer its debut "until market conditions are more favorable."
The withdrawal came after the company slashed its estimate for the proceeds it expected to raise early Thursday, a sign of tepid investor demand during its effort to price the deal. A spokeswoman declined to give additional details on the decision to pull the deal.
Globoforce provides cloud-based software that employers use to recognize workers for achievement, such as awards that can be cashed in at a network of e-commerce sites. The company receives a fee whenever those rewards are redeemed and reported revenues of $187 million last year, and a net loss of $6.5 million.
Through online platforms like Globoforce, firms encourage workers to give each other constant feedback.
Earlier in the week Globoforce said it was looking to raise up to $79 million through the sale of 4.4 million shares at up to $18 each.
Then, the company scaled that back, saying Thursday it would try to sell only 3.8 million shares, at a lower price range, of up to $15 a piece.
Late Thursday evening Globoforce announced it had opted to postpone the IPO “until market conditions are more favorable.” Company executives declined to be interviewed Friday.
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