Fluidigm pulls IPO because of weak market conditions
The initial public offering market is still stuck in neutral. Fluidigm was set to go public, but on Monday it postponed its offering, PEHub reported.
The South San Francisco, Calif.-based provider of systems designed to improve the productivity of laboratories had previously planned to issue 5.3 million shares for a total raise of $79.5 million, according to a regulatory filing. The price range was supposed to be $14 to $16 a share.
The IPO would have been the first in the U.S. since early August. Instead, it’s the 64th to be pulled this year. Thomson Reuters reports that there have been 30 IPOs this year, generating $26.7 billion in proceeds. That’s about a quarter of the amount generated by this time a year ago.
The underwriters were Morgan Stanley and UBS Investment bank, a unit of Switzerland’s UBS AG.
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About the Author, Dean Takahashi
Dean is lead writer for GamesBeat at VentureBeat. He covers video games, security, chips and a variety of other subjects. Dean previously worked at the San Jose Mercury News, the Wall Street Journal, the Red Herring, the Los Angeles Times, the Orange County Register and the Dallas Times Herald. He is the author of two books, Opening the Xbox and the Xbox 360 Uncloaked. Follow him on Twitter at @deantak, and follow VentureBeat on Twitter at @venturebeat.