Credit: Shutterstock photoValtech, which provides outsourced enterprise IT development services, postponed its IPO on Wednesday citing market conditions. It had filed to raise $100 million by offering 6.7 million shares at a price range of $14 to $16.
The London, United Kingdom-based company was founded in 1993 and booked $296 million in sales for the 12 months ended June 30, 2018. It had planned to list on the Nasdaq under the symbol VTEC. J.P. Morgan and Morgan Stanley were set to be the joint bookrunners on the deal.
The article IT services provider Valtech postpones $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
