Software maker Varolii said Friday it was pulling an initial public offering intended to raise up to $86 million. In a letter to federal...
Software maker Varolii said Friday it was pulling an initial public offering intended to raise up to $86 million.
In a letter to federal regulators, the Seattle-based company said it is canceling the stock sale due to “difficult market conditions” for IPOs.
Varolii, which makes communication tools for airlines, utilities, banks and other consumer-oriented companies, filed plans to go public on the Nasdaq exchange last September.
Several Washington companies have withdrawn planned IPOs in the past year. They include: Tully’s Coffee of Seattle, which has long tantalized its investors with the prospect of an IPO; Venture Financial of DuPont, parent of Venture Bank; and Imperium Renewables of Seattle.
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Symetra Financial of Bellevue, the former life-insurance and investment unit of Safeco, has postponed it’s IPO but not formally withdrawn it.
Seattle biopharmaceutical company Omeros and Bellevue-based Intelius have filed to go public but haven’t completed their offerings. Intelius provides online background checks and other information services. Also, Symetra has postponed its IPO indefinitely but has not formally withdrawn it.