Nanosys yanks IPO
Volatile capital markets cited as nanotech firm--losing money and with no products yet--withdraws initial public stock offering.
A litmus test for the nanotechnology industry won't occur this week-- on Wednesday announced it will not hold its initial public offering this week as planned. The company said it was withdrawing the IPO due to volatility of capital markets. Nanosys, which has lost more than $17 million since it was founded in the middle of 2001, designs molecules that can be used in solar cells or medicines. The stock was expected to be offered for $15 to $17.
In late 2003, a number of companies saw their stocks jump on the first day of trading, but companies going to public more recently have been less fortunate. Salesforce.com zoomed on the first day, but was recently hit with shareholder suits. LG.Philips saw its shares drop on the first day.