Aspect Communications Corp. has joined the long list of tech companies experiencing cold feet concerning the IPO market, after announcing it would be withdrawing the listing of its shares.
According to the announcement, the customer service center software vendor has asked for its registration statement filed with the Securities and Exchange Commission to be withdrawn, citing market conditions.
Given the changes in the market experienced during the past several months, we have concluded that it is not in the best interests of Aspect and its shareholders to proceed with the offering at this time, said Gary Barnett, President and CEO.
The San Jose, California-based organization joins a growing line of companies that have pulled their prospective listings.
Last week, the desktop Linux vendor Lindows Inc. postponed its proposed initial public offering citing current adverse market conditions, having twice lowered the expected value of the offering in recent weeks.
Before that in early August Nanosys Inc. abandoned its plans for a $100 million IPO, while disc storage system developer Engenio Information Technologies Inc. also postponed plans for an IPO, blaming market conditions.
Many companies have been put off by the fickle nature of the IPO market over the past few months. Even the highly anticipated IPO of search engine goliath Google Inc. was not without its problems.
It remains to be seen whether the queue of IT companies that have filed for an IPO will risk proceeding with their offerings in the face of lukewarm market reception.