Accoona withdraws its IPO
Accoona Corp., which operates various e-commerce sites such as LCDTVS.com and DigitalEtailer.com, has withdrawn its initial public offering.
Accoona, No. 103 in the Internet Retailer Top 500 Guide, cited unfavorable market conditions as its main reason for not pursuing a public offering, according to a new regulatory filing.
In 2006 Accoona, which operates LCDTVs.com, ButterFlyPhoto.com and DigitalEtailer.com, posted e-commerce sales of $115 million, compared with $109 million in 2005.
Accoona would have used the proceeds from an IPO to expand its e-commerce infrastructure, develop lead generation bidding systems in additional vertical markets, expand its geographic coverage in the U.S. and Europe, and enhance its lead management and bidding tools. In addition to its e-commerce sites, Accoona also operates search engines in the United States, Europe and China and BuyersEdge.com, a shopping comparison engine.
Accoona announced its intent to pursue a public offering in August.
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