Claria postpones IPO plans
13 August 2004
Contextual advertising and pop-up company Claria Corp has cancelled its planned initial public offering (IPO), citing "current market conditions".
The firm filed its original prospectus in April and had not disclosed the number of shares it intended to sell or an expected price range.
The California-based company said in a statement that it was withdrawing its IPO filing due to the current unfavourable market climate, but suggested that it might sell shares in a private offering.
Claria's IPO filing revealed that the firm reported net income of $34.8 million on $90.5 million in sales during 2003, with Yahoo's Overture Services accounting for 31 per cent of sales
The adware maker's decision to notify the Securities and Exchange Commission of its withdrawal comes as Google's much anticipated $3.5 billion public stock auction gets underway. The market on internet stocks has dipped in recent months and web giant Yahoo has seen its stock plummet by 50 per cent.
This week Yahoo announced that its new toolbar will block Claria "adware" advertising, despite Claria being a partner of Yahoo's Overture Ad Network.
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