December 21, 2005, 12:00 AM

Buy.com delays its IPO

Buy.com is postponing its IPO and hasn’t set any future dates. A spokeswoman for underwriter Thomas Weisel Partners LLC says the IPO has been postponed because of current weak stock market conditions.

 

Buy.com is postponing its initial public offering. Wall Street analysts expected Buy.com, No. 33 in the Internet Retailer Top 400 Guide to Retail Web Sites, to begin trading as soon as this week on NASDAQ.

But the company is now postponing its IPO and hasn’t set any future dates. A spokeswoman for underwriter Thomas Weisel Partners LLC says the IPO has been postponed because of current weak stock market conditions.

In an S1 filing with the Securities and Exchange Commission on Dec. 16, Buy.com said it had been approved to trade on NASDAQ and planned to sell just over 4.2 million shares at $8 per share, which would have raised as much as $33.6 million in new working capital. Originally Buy.com expected to price its IPO between $11 and $13 per share. “This certainly isn’t a strong market,” the Thomas Weisel spokesperson says.

Buy.com expected to use its IPO proceeds to pay down $9 million in debt, increase its sales and marketing activity and build up its infrastructure.

 

 

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