Wireless networking co. NextG gives up on IPO
NextG Networks, a San Jose, Calif., provider of antenna systems used to carry mobile phone signals, has withdrawn its filing to go public due to unfavorable market conditions — even in the wake of successful SolarWinds and OpenTable IPOs earlier this week, reports VentureWire. It had planned to sell $150 million in common stock.
Not only has the company been in the red since 2001, it is starting to see wireless carriers implementing their own antenna systems, calling NextG’s future into serious doubt. For now, it counts AT&T Mobility and Verizon Wireless among its partners.
Before its filing in June 2008, NextG raised $75 million in capital from Gabriel Venture Partners, Oak Investment Partners, SVB Financial Group and Bay Harbour Management.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.