Austin based CreditCards.com IPO Pulled
June 3, 2008
According to the Austin American Statesman, CreditCards.com pulled their IPO for a second time in a year. From the paper:
Austin-based CreditCards.com on Monday filed to withdraw its registration for an initial public offering. In a filing with the Securities and Exchange Commission, the company said it decided to withdraw its plans “due to current market conditions.”
CreditCards.com had planned their original IPO in 2007, but pulled it in November. The company had registered to sell 10.7 million shares priced at $13 to $15 each. Assuming a $14 per share price, CreditCards.com was seeking to raise roughly $108 million. It had planned to use a portion of the IPO proceeds to wipe out $79 million in debt. Austin Ventures owns around 65% of the company with the remainder owned by American Capital and other insiders.
