Microstrategy is blaming ?bad stock market conditions? for its decision to delay its initial public offering (IPO) again.
The online analytical processing (Olap) software supplier had expected to file its S1 registration statement before Christmas (see Newswire, 6 November, 1997) in anticipation of going to the market in January.
However, Mike Saylor, Microstrategy?s president and chief executive, said the company had changed its mind because ?after serious discussions with all our underwriters, we concluded that the market is about 3-50 per cent less receptive to rights issues now than it had been earlier [last] year.?
He added that the disappointing flotation of rival Information Advantage (see Newswire, 15 January, 1998) had also strengthened his resolve to wait, but he expected to file the S-1 ?presently?.
That means, he added, ?as soon as we have general consensus with the underwriters that the stock market is in stable enough condition that we will not suffer from unnecessarily high equity dilution or excessively low valuation.?
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